CBL says first-half revenue growth was encouraging, cuts guidance for FY18

Wed, 23 Aug 2017

By Sophie Boot Aug. 24 (BusinessDesk) - Auckland-based credit surety and financial risk insurer CBL Corp said first half revenue growth was encouraging, despite the 36 percent drop in operating profit due to increasing its insurance reserves. Last week, the company flagged its $16.5 million increase in CBL Insurance's reserves to cover future claims, leading operating profit to fall to $22.4 million from $35.1 million in the same period a year earlier, some $17.5 million below expectations. CBL had previously projected annual earnings of...

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