Tuesday, November 22, 2011

Jerneh Asia posts RM1.36m losses in 3Q

KUALA LUMPUR (Nov 21): JERNEH ASIA BHD [] posted net losses of RM1.36 million in the third quarter ended Sept 30, 2011 compared with net profit of RM21.33 million a year ago, mainly due to the poor equities market and provision for losses in an associate due to the severe floods in Thailand.

It said on Monday its revenue rose 65% to RM42.87 million from RM25.93 million. Its loss per share was 0.56 sen compared with earnings per share of 11.81 sen.

“The increase in revenue was mainly contributed by the sale of held-for-trading investments and interest income from the placement of proceeds from the disposal of Jerneh Insurance Bhd to an approved financial institution,” it said.

For the nine-month period, its earnings fell 77.1% to RM10 million from RM43.79 million in the previous corresponding period. Its revenue fell 156% to RM109.51 million from RM42.71 million.

Jerneh Asia said the group’s revenue for continuing operations for the period ended Sept 30 increased by RM66.79 million to RM109.51 million from RM42.72 million in the corresponding period in 2010.

The group recorded a profit before tax from continuing operations of RM13.92 million compared with RM13.34 million profit a year ago due to improved returns from the sale of held-for-trading investments.

When compared with the preceding quarter ended June 30, it recorded a loss before tax of RM310,000 compared to profit before tax of RM8.50 million in the preceding quarter. It said this was mainly due to the poor performance in the equities market in the current quarter and provision for losses in an associated company as a result of floods in Thailand.

To recap, on Oct 31, Jerneh Asia announced it had received a notice of voluntary conditional take-over offer from Kuok Brothers Sdn Bhd to acquire Jerneh Asia.

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