CBL first-half profit falls 19% currency losses offset growth in premiums

Thu, 25 Aug 2016

By Paul McBeth Aug. 26 (BusinessDesk) - CBL Corp posted an 18 percent fall in first-half profit as losses on foreign exchange movements offset improved earnings and growth in the credit surety and financial risk insurer's gross written premiums. Net profit fell to $18.6 million, or 8.49 cents per share, in the six months ended June 30, from $22.7 million, or 14.58 cents, a year earlier, the Auckland-based company said in a statement. That included a $4.4 million charge in foreign exchange revaluations, compared to a gain of $8.8 million...

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