Transylvania Insurance Broker, net profit down over 22 pct, in nine months

Transylvania Insurance Broker achieved a net profit of over 2.36 million lei, in the first nine months of this year, down 22.43 pct as compared to the similar period in 2016, informs a report released on the website of the Bucharest Stock Exchange (BVB) . 

"The gross result at the end of the current period yielded a profit of over 2.75 million lei, down 18.18 pct as compared to the amount registered in the reference period (3.36 million lei). After deducting the profit tax spending (395,304 lei) in the current interval, the enterprise achieved a net profit of 2.36 million lei, down 22.43 pct compared to the reference period," reads the document. 

According to it, revenues from the brokerage activity which represent the net turnover, decreased by over 8.81 million lei, 17.98 pct respectively, a fact due both to the reduction of revenues from the negotiation of insurance contracts and to the drop of revenues generated from other activities related to the object of activity. 

"In the case of exploitation revenues, a downward trend was recorded, leading to a 17.96 pct drop. This evolution was mainly due to the decline of spending on other taxes, duties and assimilated instalments, of spending on commissions owed to brokerage assistants, costs with depreciation, consumable supplies and other spending regarding services provided to third parties," mentions the quoted source.AGERPRES .