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MNRB's pre-tax profit for Q3 declines to RM35.64 mln

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MNRB's pre-tax profit for Q3 declines to RM35.64 mln Empty MNRB's pre-tax profit for Q3 declines to RM35.64 mln

Post by Cals Sat 01 Mar 2014, 01:46

MNRB's pre-tax profit for Q3 declines to RM35.64 mln
Business & Markets 2014
Written by Bernama   
Friday, 28 February 2014 19:59

(Bernama's corrected version @19:40. Corrects headline and first para)

KUALA LUMPUR (Feb 28): MNRB Holdings Bhd's pre-tax profit for the third quarter ended Dec 31, 2013, slipped to RM35.64 million, when compared to the RM50.12 million registered in the same quarter of 2012.    

Revenue, however, rose to RM621.51 million, from RM603.46 million, the company said in a filing to Bursa Malaysia today.

"The higher revenue is the result of an increase in gross premiums and contributions by the group's reinsurance and takaful subsidiaries, respectively," it added.

MNRB said that the lower pre-tax profit was mainly due to the provision for Typhoon Fitow losses, in Fujian Province in Southeast China, provided by the reinsurance subsidiary, and an increase in actuarial reserves in the family retakaful business.

MNRB Holdings is engaged in investment holding and the provision of management services to its subsidiaries, and operates under four segments, namely investment holding, the reinsurance business, takaful operator and retakaful operator.
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