♦ 1HFY12/10 results below expectations. 1HFY12/10 net profit of RM27.1m (-60.1% yoy) was below expectations, accounting for 27% and 23% of our and consensus full-year forecasts respectively. We believe the lower-than-expected earnings were mainly due to: 1) slower-than-expected premium growth; 2) higher increase in unearned premium reserves; 3) higher management expense ratio; and 4) higher effective tax rate.
Kurnia Asia Berhad : Below Expectations - 01/09/2010
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