MNRB slides after floods push reinsurer into the red

KUALA LUMPUR: MNRB Holdings Bhd share price fell to a low of RM3.70 early Wednesday after it swung into the red with net losses of RM20.08mil in the third quarter ended Dec 31, 2014 due to provisions for the floods in Peninsular Malaysia last year.

At 10.11am, MNRB was down 13 sen to RM3.77. There were 37,600 shares done at prices ranging from RM3.70 to RM3.78.

The FBM KLCI slipped into the red, down 0.29 of a point or 0.02% to 1,809.80 ahead of the long break for the Chinese New Year holidays. Turnover was 297.50 million shares valued at RM221.98mil. There were 227 gainers, 210 losers and 220 counters unchanged.

MNRB’s net losses of RM20.08mil was in stark contrast with earnings of RM13.40mil a year ago.  The reinsurer said the losses were recognised during the quarter which affected its reinsurance and retakaful subsidiaries.

Revenue fell 4.5% to RM606.70mil from RM635.61mil. Loss per share were 9.4 sen compared with earnings per share of 6.6 sen.

In the nine months ended Dec 31, 2014, its earnings fell 37.6% to RM50.67mil from RM81.26mil in the previous corresponding period. Its revenue slipped 2.1% to RM1.756bil from RM1.795bil.