Aspis Holdings profits surge to EUR 2.3 mln

Aspis Holdings Pcl (MFS) reported a massive improvement in profitability in the first quarter of 2007 on the back of sharply higher premium income and revaluation gains booked on its investments.

Aspis Holdings, formerly MFS Holdings, listed in the Parallel Market of the CSE reported net premiums of EUR 7.8 mln (CYP 4.5m), more than double net premiums of EUR 3.6 mln (CYP 2.1m) booked a year ago in the first quarter.

Income from finance was up at EUR 291k from EUR 218k a year ago, while income from normal investments was up sharply at EUR 674k from EUR 165k. Aspis also realized net gain from sale of investments amounting to EUR 448k compared to EUR 86k a year ago. The biggest gain however, was recorded on revaluation of investments, allowing the group to book EUR 2.7 mln in profit compared to EUR 960k a year ago.

Total income thus jumped 141% YoY to EUR 13 mln in 1Q07 from EUR 5.39 mln in 1Q06. Total costs, including claims settlement however, doubled up to EUR 10.2 mln from EUR 5.09 mln a year ago, with net profit attributable to shareholders amounting to EUR 2.311.141 or CYP 1.3 mln compared to a net loss of EUR 129.480 or CYP 75k a year ago.