Tuesday, 10 April 2012

LPI down 1.3% on weaker quarterly financials

KUALA LUMPUR (April 10) : LPI CAPITAL BHD [] shares fell as much as 1.3% on Tuesday morning after the general insurer reported weaker first quarter financials.

The stock, among the top decliners, was down 18 sen to an intraday low of RM13.70 before trading higher at RM13.90 at 11.36am.

LPI’s net profit fell 19% in the first quarter ended March 31, 2012 from a year earlier, as higher claims and operating expenses, besides lower investment income offset a higher revenue.

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.

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