By Peter OBIORA InvestAvocate

Lagos (INVESTADVOCATE)-Primary Mortgage Institution, Aso Savings and Loans Plc Monday posted N243.348 million in its Second Quarter (Q2) Report for the period ended September 30 2011.

To record the Loss, the Firm in the Result Announcement released on the Floor of the Nigerian Stock Exchange (NSE) recorded a Profit After Tax (PAT) of N243.348 million in the Q2 of year 2011 compared to N101.937 million in the same period of year 2010; indicating an further Loss of 338.7 percent (-338.7%).

Profit Before Tax (PBT) also declined from a positive N394.248 million in the Second Quarter of year 2010 compared to a negative N243.348 million in the review period of year 2011; showing a decline of (-161.7%).

While Gross Earnings of Aso Savings also dropped from N5.551 billion in the Q2 of year 2010 compared to N4.876 billion in the same period of year 2011; representing a drop of (-12.2%).

Meanwhile Aso Savings and Loans have announced it would raise its capital base to N10 billion within the next six months through a combination of Rights Issue and Special Private Placement.

Hassan Usman, Managing Director (MD) of the Mortgage Bank, affirmed at the Company’s Annual General Meeting (AGM) in Abuja Nigeria that the move is in line with the directive given by the Central Bank of Nigeria (CBN) for all Primary Mortgage Institutions to recapitalise to the tune of N5.0 billion

Similarly, Universal Insurance Plc, operating on the Insurance Sector of the Nigeria’s Exchange in its Audited Report for the period ended December 31 2010 declared a Loss of N186.574 million compared to a negative N2.167 billion in the review period.

While PBT was a negative N187.607 million in year 2011 compared to negative of N1.131 billion in the previous year of 2009; showing an appreciation of 83.4%.

Gross Premium decreased from N578.952 million in year 2010 end compared to N310.895 million in the review period; indicating a decrease of -46.3%.

 Also, Learn Africa Plc formerly (Longman Nigeria Plc) posted a Turnover of N1.744 billion in its Third Quarter Report for the period ended September 30 2011 compared to N2.101 billion in the same period of year 2010; showing a decline of (-17.0%).

 PAT was N59.940 million in the Q3 of year 2011 compared to N57.118 million in the same period of year 2010; indicating an increase of 4.9%.

 While Profit Before Tax also increased by the same margin of 4.9% as the Company recorded N83.998 million in the Q3 of year 2010 compared to N88.147 million in the review period of year 2011.