Atlantic lifts H1 profit by 63%

Atlantic Insurance Pcl (ATL) reported a 62.5% YoY increase in first half profit to CYP 1.35 mln compared to CYP 835k a year ago and CYP 1.68 mln for the whole of 2005, lifting its EPS to 3.47 cent from 2.14 cent previously.

The improved results were attributed to an increase in operating profit by 64%YoY to CYP 1.2 mln and was positively affected by a gain from the sale and revaluation of investments amounting to CYP 246.000 compared to CYP 24.000 in H105. Gross premiums written increased by 10.6% YoY to CYP 5.4 mln, whilst premiums earned advanced by 8.8% YoY to CYP 4.5 mln. Total income was up at CYP 5.23 mln from CYP 4.18 mln a year ago. Costs, claims and commissions increased 17% to CYP 4.04 mln while an additional help came from net finance income, which remained stable at CYP 167k from CYP 171k a year ago. The book value, as calculated by the Financial Mirror improved to 32.8 cent for a Price to Book of 1.35 times compared to the current traded price of 44 cent on the CSE.