Insurance broking firm Glenrand MIB, for the first time in over five years, said that it expects a profit for the first half six months of 2009. This could be a sign that the tides are turning for the company.

Glenrand MIB is expected to reveal its figures later this week, but it has already been reported that the headline earnings a share for the year to June were expected to be between 12.5 cents and 10.5 cents. This is a significant improvement compared to the previous financial year, during which the insurance broker made a headline loss of 38.9 cents a share.

It is furthermore speculated that the earnings a share for this year to June will measure around 22.5 cents. Over the previous reported period, Glenrand MIB made a share loss of 36.2 cents.

Despite the positive news, Glenrand's shares fell 3.67 percent to R1.05 on September 7, 2009.

Source: Business Report