FTNA reports 22% increase in six months net profit
February 14, 2020 Fontana Limited (FTNA), for the six months ended December 31, 2019 recorded a 21% increase in revenues to total $2.32 billion compared to $1.92 billion for the same period in 2018. Revenue for the 2nd quarter went up by 31% to $1.40 billion (2018: $1.07 billion). Cost of Sales for the period increased 21%, closing at $1.42 billion, up from $1.17 billion reported the prior year, while for the second quarter there was a 31% increase closing at $814.26 million (2018: $619.30 million). As such, gross profit for the six months amounted to $900.33 million, a 20% uptick
MAILPAC reports three months net profit of $74.52 million
February 14, 2020 Mailpac Group Limited (Mailpac)’s revenue amounted to $361.73 million for the three months ended December 31, 2019 while cost of sales totalled $180 million for the quarter ended December 31, 2019. As such gross profit summed to $181.72 million for the quarter under review. Administrative and general expenses equalled $72.23 million for the three months period while selling and promotion totalled $14.74 million. Thus, operating expenses for the quarter amounted to $86.97 million, which “comprised mostly of staff costs, advertising expenses, and store operating expenses,” as noted by Management. As such, operating profit for the quarter closed
GENAC reports 48% increase in year end net profits
February 14, 2020 General Accident Insurance Company Limited (GENAC), for the year ended December 31, 2019 reported gross premium written of $10.62 billion, 22% higher than the $8.74 billion reported for 2018. Reinsurance ceded rose 21% to close at $8.15 billion relative to $6.75 billion booked in 2018. Excess of loss reinsurance trended up by 4% to $132.71 million (2018: $127.75 million). As a result, net premium written increased by 25% from $1.86 billion last year to $2.33 billion in 2019. Net premium written for the fourth quarter amounted to $685.97 million relative to $543.67 million booked for the corresponding