By Peter OBIORA investadvocate

Oct 28 2010 16.00 GMT

Lagos (INVESTADVOCATE)-Consolidated Hallmark Insurance Plc operating in the Insurance Sector of the Nigerian Stock Exchange (NSE) has posted a loss of 67.1 percent (67.1%) in its Second Quarter (Q2) result for the period ended June 30 2010.

 

The result was released Thursday October 28 2010 at the Floor of the NSE in Lagos Nigeria and made available to invesadvocate.

 

To post the loss, the Insurance firm’s Profit After Tax (PAT) for the review period declined from N201.252 million in Q2 of year 2009 to N66.245 million in the same period of year 2010 indicating a loss of 67.1%.

 

Profit Before Tax (PBT) also decreased from N292.235 million in the Q2 of 2009 to N77.935 million in the corresponding period of year 2010 showing a decrease of 73.3%.

 

While its Gross Earnings also dropped from N1.815 billion in Q3 of 2009 to N1.449 billion in Q3 of year 2010 representing a loss of 20.2% in the review period.

 

In the same vein, the company posted a similar loss prior to this time as it recorded a loss of 35.0% PAT in its First Quarter (Q1) result. Consolidated Hallmark recorded a PAT of N382.424 million in the Q1 of year 2009 compared to N248.400 in the same period of year 2010.

 

PBT also dropped from N413.432 million in Q1 of 2009 to N292.235 million in the corresponding period of year 2010 indicating a loss in PBT of 29.3% in the review period.

 

The company recorded a Gross Earnings of N884.666 million in Q1 of 2009 compared to N821.419 million in 2010 representing a dip of 7.1%.