Westaim reports $11.3-million Q3 profit, down from $21.8 million a year ago
by admin on Nov.13, 2011, under Car insurance
TORONTO - Westaim Corp. (TSX:WED) said Friday it earned $11.3 million in its latest quarter, down from a profit of $21.8 million a year ago.
The company, which owns property and casualty insurer Jevco Insurance, said the profit amounted to two cents per share for the quarter ended Sept. 30, compared with a profit of three cents per share a year ago.
Revenue for the quarter totalled $107 million, up from $100.6 million.
Jevco offers a range of personal and commercial insurance, including automobile, motorcycle, snowmobile and all-terrain vehicle insurance. It also offers coverage to the Canadian construction industry.
Westaim acquired Jevco from Kingsway Financial in early 2010.
“We are pleased with Jevco’s operating results in the third quarter, which were in line with our expectations,” Westaim chief executive Cameron MacDonald said in a statement.
“In particular, the performance of our non-standard automobile business continued to show progress quarter over quarter and we remain cautiously optimistic for the balance of the year.”
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