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Just like you never want to hear a doctor say "oops" in the operating room, you never want to see a going-concern statement
in a financial report about a company you own. Accountants throw these in when they've been over the books, talked to customers,
and checked the horoscopes and have concluded there is "substantial doubt" about a company's ability to remain in business.
In short, don't blame the accountants if the company files for bankruptcy protection.
You¿d reckon that a going-concern
statement would be enough to send investors running to the exits, but it's not. True, many large institutions automatically
bail when an existing company gets slapped with one of these, but many individuals (often wrongly) take a chance they know
more than the bean counters.
During the tech boom of the late 1990s, many companies actually went public even though they had been hit with going-concern statements. Many of those companies subsequently disappeared. Enough said.
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Friday, August 15, 2008
Net Income Increases 8.3% to R$206.8 million for the First Semester of 2008
Comtex
RIO DE JANEIRO, Brazil, Aug 15, 2008 /PRNewswire-FirstCall via COMTEX/ ----Sul America S.A. (Bovespa: SULA11) has announced today its results for the first half of 2008. Net income reached R$206.8 million, up 8.3% over 6M07. ROAE was 20.1%. Total insurance premiums increased 4.9% to R$3.7 billion.
Health insurance premiums (53.6% of total insurance premiums) increased 8.5% on a recurring basis. Group health insurance premiums increased 12.8%, including a 26.7% growth in the SME segment.
Auto insurance premiums (31% of total insurance premiums) increased 17.5%. The Company ranked #2 in premiums, according to the latest industry data available (May'08). The insured fleet topped 1.9 million vehicles.
Total loss ratio reached 71.2% showing an improvement of 20 bps over 6M07. Health insurance loss ratio reached 76.1% and the auto insurance loss ratio was 65.4%.
Combined ratio reached 98%. Return on the investment portfolio reached R$324.3 million in 6M08, corresponding to average yield of 115.6% of CDI.
Teleconference for investors
This Monday (August 18), the Corporate Vice President and Investor Relations, Arthur Farme d'Amoed Neto, and the CFO, Sergio Borriello, will hold a conference call with investors and analysts to review the results of the period.
In Portuguese: Telephone: +55 (11) 2188-0188 - code: SulAmerica Time: 10h (BR) | 09h AM US EDT In English: Telephone: +1 (973) 935-8893 n-code: 56130555 Time: 12h (BR) | 11h AM US EDT
The conference will be transmitted in real time through the site www.sulamerica.com.br/ri.
SOURCE Sul America S.A.
http://www.sulamerica.com.br
Copyright (C) 2008 PR Newswire. All rights reserved
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