Friday, August 19, 2011

AAI records Rs.172 mn net loss

Asian Alliance Insurance PLC (AAI) has recorded a net loss of RS.172 million for the quarter ended June 30, 2011 compared to a net profit of Rs.79 million in the corresponding quarter of the previous year.

The ‘Income from Investment’, which has been the main contributor to the firm’s profits, fell 73 percent to Rs.79 million. The revenue of the company also fell 9 percent to Rs.842 million.

Gross written premium of the company increased 26 percent to Rs.997 million during the period under consideration. The Book Value per Share (BVPS) is Rs.34.

According to the Cash Flow Statement, the quarterly financials include realized capital gains of Rs.206 million and unrealised capital loss of Rs273 million.

It was not long ago, Softlogic Chairman Ashok Pathirage, through Softlogic Holdings and its subsidiary Softlogic Capital Limited acquired 73.53 percent or 27.5 million shares of AAI for Rs.3.3 billion, each share at Rs.120.

Softlogic Holding acquired 8, 449, 416 shares or 22.5 percent while Softlogic Capital bought 19, 125, 000 shares or 51 percent and triggered a mandatory offer by crossing the 30 percent threshold.

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