Kurnia Group
Kurnia Asia's Q1 pre-tax up 32.5% to RM35.04 million
BERNAMA - Wednesday, May 12th, 2010
KUALA LUMPUR, May 11 (Bernama) -- Kurnia Asia Bhd's pre-tax profit for the
first quarter ended March 31, 2010 rose by 32.5 per cent to RM35.04 million
from RM26.46 million in the same period last year.
Net profit, however, fell to RM23.81 million from RM26.39 million in the same
quarter of 2009.
In a statement here today, executive chairman, Tan Sri Kua Sian Kooi, said
this was mainly due to the significantly higher tax expenses of RM11.24 million
compared with RM0.07 million previously.
Kua said the company recorded an underwriting surplus of RM10.76 million,
an improvement of 160.9 per cent over the same period last year, mostly driven
by improvements in the management of the claims and expenses.
"Our improvements and achievements were accomplished through our on-going
internal transformation programmes, namely Transformation of Operation and
Performance and Mission 15, which focus on more stringent business risk selection,
better claims management and prudent cost management among others," he
said.
He said in accordance with the strategy to grow non-motor business, the company
posted a 23.8 per cent increase in premiums to RM55.28 million for the first
quarter compared with the previous corresponding period.
"As a result, non-motor business now comprises 22 per cent of total business
portfolio compared with 17 per cent for the corresponding quarter last year," he
said.
Kua said net investment income for the quarter under review stood at RM29.58
million, with the investment yield of 6.6 per cent, higher than last year's
yield of 5.9 per cent.