Consolidated Hallmark Insurance: Q1 negative growth due to bad debt settlements
Category: Investors NewsBeat
June 20, 2012 / Proshare WebTV News
Consolidated Hallmark Insurance Plc says the decline in its Profit after Tax (PAT) for Q1 2012 is related to the substantial bad debts it had to settle, in line with regulatory directives.
MD/CEO, Eddie Efekoha explained to Proshare WebTV at its recent 17th Annual General Meeting of the insurance firm that the bad debts arose from the operations costs as well as the capital market. He gave assurances that better performances are ahead.
At some point, Consolidated Hallmark Insurance had to rationalize its staffing by concentrating the responsibilities of more than one employee in one staff, in return for one man’s pay.