Maybank ATR Kim Eng posts higher profit
- Donnabelle L. Gatdula (The Philippine Star) - September 17, 2012 - 12:00am

MANILA, Philippines -  Publicly-listed financial services group Maybank ATR Kim Eng Financial Corp. (MAKE) reported a net income to P269 million in the first six months of 2012 from P257 million in the same period last year.

Data submitted to the Philippine Stock Exchange (PSE) showed that MAKE’s income was affected by the sale of its indirect subsidiary, AsianLife Finance Assurance Corp. (ALFA) last May 2012.

“The first half of the year, therefore, was marked by the deconsolidation of ALFA, which had a major impact on the consolidated financial statements of Maybank ATR Kim Eng Financial,” it said.

The company’s insurance segment saw an eight percent dip in premium income to P842 million because of lower renewals of AsianLife and General Assurance Corp. (ALGA) coupled with the loss of a month’s worth of premium income from ALFA after it was deconsolidated at the end of May.

Its total assets likewise decreased 15 percent to P5.790 billion in the first half of the year from P6.845 billion in the same period last year, primarily due to the deconsolidation of ALFA and lower trade receivables of the brokerage house.

One of its subsidiaries, Maybank ATR KE Capital, posted a net income after tax of P25 million during the period under review, slightly higher than P24 million last year.

Another subsidiary, Maybank ATR KE Securities, ended the first semester of 2012 as the number four-ranked trading participant at the PSE with a value turnover of P150 billion, an increase of 27 percent from P118 billion in the same period in 2011.

However, increased competition brought down MayBank ATR KE Securities’ market share to 7.92 percent from 8.93 percent. Its net income also decreased 23 percent to P96 million from P124 million due to higher expenses during the period.

ALGA’s net income after tax stood at P227 million in the first half of the year, more than double the P83 million recorded in the same period last year.

Formed in 1930, MAKE, formerly ATR Kim Eng Financial Corp. (ATRK), is an investment holding company focused primarily on financial services. Its businesses are capital markets, insurance, and real estate.

                                                     

ATR FINANCE ASSURANCE CORP GENERAL ASSURANCE CORP INCOME KIM ENG FINANCIAL KIM ENG FINANCIAL CORP MAYBANK MILLION PHILIPPINE STOCK EXCHANGE YEAR
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

FORGOT PASSWORD?
SIGN IN
or sign in with