Gurans posts unaudited profit drop of 45%, but life fund surges to 1.02 arba

ShareSansar, August 17:

Gurans Life Insurance Company Limited’s profit has dropped by 45 percent in the last fiscal year2070/71, according to the unaudited fourth quarter financial report the life insurer has just published.

So far, Asian Life Insurance is the only life insurer to report modest profit growth in the fourth quarter of the last fiscal year.

Gurans has stated that its net profit has dropped to Rs 2.09 crore by the fourth quarter, down from Rs 3.03 crore at the end of the corresponding quarter of the previous fiscal year 2069/70.

It may be noted that figures of both the quarters are unaudited ones; nonetheless, the actual profit posted by Gurans by the fourth quarter would be much higher by the time the edited balance sheet is published considering drastic increment in its life fund over the last fiscal year.

Gurans’ life fund has drastically risen to Rs 1.02 arba by the fourth quarter, up from Rs 64.70 crore at the corresponding quarter.

As per the unaudited financial report, however, the net profit was basically stemmed by income in the fourth quarter, which dropped to Rs 3.63 crore from Rs 4.88 crore.

Its EPS now stands at Rs 4.19, P/E ratio at 155.13 times and its net worth per share stands at Rs 352.37.