K&N Kenanga Holdings Bhd does not see further write-downs following the announced impairment of an additional RM44.3mil to be reflected in the company's fourth-quarter ended Dec 31, 2010 results stemming from loan issues and impairments in wholly-owned subsidiary Kenanga Investment Bank Bhd.
K&N Kenanga would announce the fourth-quarter financial results sometime towards the end of next February (2011).
The company had no plans to follow the footsteps of its local and regional peers, which were recently involved in mergers and acquisitions.
Although the impairments would reflect negatively on the profit and loss figures, the operating profits for the nine-month period ended Sept 30, excluding the impairment figures, remained “positive and healthy” at RM40.4mil against RM26.9mil for the same corresponding period in 2009.
Pre-impairment operating profits represented a growth of 50.2%.
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