By InvestAdvocate

Lagos (INVESTADVOCATE)-Standard Alliance Insurance Plc for its First, Second and Third Quarters (Q1, Q2, Q3) 2012 Reports declared drops in Profits.

This is contained in the Result Announcement released to the Nigerian Stock Exchange (NSE) on Tuesday and made available to www.investadvocateng.com.

For the Q1 Report for the period ended March 31 2012, Standard Alliance posted a 47.6 percent (47.6%) Profit After Tax (PAT) as it recorded N295.999 million in the First Quarter of year 2012 compared to N565.188 million recorded in the same period of year 2011.

Profit Before Tax (PBT) also declined from N788.079 million in the Q1 of 2012 compared to N459.305 million in the same period of year 2012; indicating a decline of 41.7% in the review period.

In the same vein, for the Second Quarter (Q2) 2012 for the period ended June 30 2012, Standard Alliance PAT moved from N1.100 billion in the Q2 of 2011 compared to N553.500 million; representing a dip of 49.7%.

PBT also dropped from N1.523 billion in the Q2 of 2011 compared to N858.879 million in the Q2 of year 2012; showing a decline of 44.0%.

The Company’s Profits continued to decline, for the Third Quarter (Q3) of year 2012, the Insurance Firm recorded a PAT of N463.919 million in the Q3 of 2012 compared to N988.388 recorded in the same period of year 2011; indicating a decline of 53.1% in the review period.

While PBT dropped by 59.8% as the Company recorded N594.768 million in the Third Quarter of 2012 compared to N1.478 billion posted in the Q3 of 2011.