Monday, 9 April 2012

LPI 1Q profit down 19% year-on-year

KUALA LUMPUR (April 9) : LPI CAPITAL BHD []’s net profit fell 19% in the first quarter ended March 31, 2012 from a year earlier, as the general insurer’s contractual liabilities, lower investment income and higher operating expenses offset a higher revenue.

In a statement to the exchange on Monday, LPI said its net profit during the quarter came to RM31.48 million against RM38.63 million previously. Revenue rose 15% to RM246.06 million from RM213.33 million.

“The challenges facing the global developed economies are growing rapidly with very little evidence to suggest that there will be an imminent solution to address these concerns.

“This in turn may affect the investment segment of the Ggoup. The group views the dividend income from this segment with caution. However, the group does not foresee it has any big impact to the overall profit as the investment segment only formed about 13% of the group‟s total profit in the financial year 2011,” LPI said.

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