Sagarmatha Insurance posts nearly 16% net profit rise in third quarter

ShareSansar, May 12:

Sagarmatha Insurance Company Limited has reported a modest profit growth of 15.99 percent in the third quarter of the current fiscal year 2070/71.

According to the unaudited financial report for the third quarter the non-life insurer has published today, its net profit surged to Rs 14.43 crore as compared to Rs 12.44 crore in the corresponding quarter of the last fiscal year 2069/70.

The company had reported 2.52 percent net profit rise in the second quarter as its net interest had increased from Rs 7.31 crore, up from Rs 7.13 crore in the corresponding quarter.

Sagarmatha Insurance made an income from the regular business of Rs 89.01 crore in the third quarter up from Rs 76.28 crore in the corresponding quarter.

The income also includes Rs 18.49 crore it has provisioned for the outstanding claims at the beginning of the year and Rs 19.63 crore provisioned for unexpired risk.

Its expense has also increased from Rs 58.58 crore to Rs 68.25 crore.

Its EPS has now risen to Rs 55.87, its net worth per share is priced at Rs 248.35 and the P/E ratio stands at 21.84.