March 2, 2011 / 10:08 PM / in 7 years

UPDATE 1-Westaim Corp Q4 profit slips as premiums dip

* Q4 EPS C$0.01 vs C$0.05 last year

* Net premium earned drops 70 pct to C$69.2 mln (Adds details, shares)

March 2 (Reuters) - Canada’s Westaim Corp reported lower fourth-quarter profit, hurt by a slump in premiums earned.

Westaim is a financial holding company focused on the property and casualty insurance industry.

Direct premiums written fell about 74 percent to C$72.1 million and net premiums earned in the fourth quarter dropped nearly 70 percent to C$69.2 million, the company said in a statement.

For the October-December quarter, net income was C$3.7 million, or 1 Canadian cent per share, compared with C$4.7 million, or 5 Canadian cents, last year.

Shares of the Toronto-based company closed at C$0.60 on Wednesday on the Toronto Stock Exchange. (Reporting by Amruta Sabnis in Bangalore; Editing by Prem Udayabhanu)

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