Earnings Watch: Lasaco Assurance Net Income Grows 114% in 3Q Results
Lasaco Assurance Plc released its 3Q, 2011 results on the Nigerian Stock Exchange today.
The company’s management must be pleased with its performance, having increased Net Income by 114% to N 352 Million from N 164 Million over the same period last year.
There was a respectable spike in Growth Premiums Underwritten which grew 35% to N 2.3 Billion from N 1.7 Billion over 3Q, 2010.
Te firm increased its provision for bad debts and its management expenses by 210% to N 1.2 Billion from N 373 Million over the same period last year.
Gross Profit appreciated by 146% to N 469 Million from N 190 Million over Q3, 2010.
The company’s stock is trading at 50 kobo due to general market pessimism prevailing on the insurance sector especially.
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