Pac Rim Reports 56% Jump in 1st-Quarter Profit
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Pac Rim Holding Corp., an Encino provider of workers’ compensation insurance, said its first-quarter profit jumped 56% from a year earlier on a 54% increase in revenue.
In the quarter ended March 31, Pac Rim said its net income rose to $1.43 million from $913,582 a year earlier, and its revenue climbed to $22.4 million from $14.5 million.
Pac Rim, whose principal unit is Pacific Rim Assurance Co., completed its initial public offering of stock March 8 with the sale of 2.75 million shares priced at $7.25 per share.
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