Adamjee may announce Rs 2.7bn profits
KARACHI: Adamjee Insurance is likely to announce profit after tax of Rs 2.7 billion (EPS Rs 26) for the first half of the current year compared to Rs 1.18 billion (EPS Rs 11.6) in the corresponding period of last year, a growth of 125 percent, says a research report. The company is to announce its 1H2008 financial results in next few weeks. It is expected to depict a decent growth in its underwriting as well as investment income. In 1Q2008, Adamjee Insurance’s net earnings were merely Rs 88.4 million (EPS Rs 0.86). “Exceptional growth in 2Q2008 profitability would mainly be attributable to a one-time capital gain of Rs 2.7 billion on account of MCB sell-off deal,” says Muhammad Imran Khan, an analyst at First Capital Equities. staff report
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| Saturday, November 21, 2009
