Management, yesterday reported a half-year fiscal 1993 profit of $40.3 million -- 148 percent up on the last six months of fiscal 1992.

For the first time since its incorporation in 1986, CODA's assets were above the half-billion dollar mark.

At April 30, 1993, its assets totalled $503 million, an increase of 10.8 percent ($48.9 million), compared with October 31, 1992.

Total shareholders' equity came to $277 million, a 17 percent ($39.9 million) increase over the $237 million reported six months ago.

The profit increase was largely attributable to $31.8 million of net realised gains resulting from the restructuring of CODA's investment portfolio during the second quarter.

This compares with realised gains for the previous six months of just $2 million.

Total revenues went up by 84.2 percent ($28.2 million) to $61.4 million, while expenses increased by 22.1 percent ($3.8 million) to $21 million.

Apart from realised gains, both other areas of revenues went down: net premiums earned dropped by 1.1 percent ($185,000) to $16.4 million and net investment income dropped by 11.4 percent ($1.7 million) to $13.3 million.

Net premiums written went down by 17.5 percent ($3 million) to $14 million.

All areas of expenses increased during the six months: losses and loss expenses went up by 9.9 percent ($1.39 million); acquisition costs went up by 6.2 percent ($139,000) to $2.39 million; and administrative expenses increased by 258 percent ($2.23 million) to $3.16 million.

Retained earnings at the end of the six month period stood at $139 million, up by 62.5 percent ($53.5 million).

CODA brought into effect a new five-year reinsurance arrangement, with an inception date of November 1, 1992, which is designed to provide future stability of underwriting results. Reinsurance costs represent 10 percent of gross earned premiums, which rose by 9.9 percent over the six months.

At a meeting of its board of directors held on May 28, 1993, CODA declared a dividend of $650 per share to shareholders of record on June 30, 1993, payable on July 15, 1993.

CODA HALF-YEAR 1993 RESULTS PROFIT $40.4 M INCOME $61.4 M EXPENSES $21 M NET PREMIUMS EARNED $16.4 M ASSETS $502.9 M LIABILITIES $225.5 M SHAREHOLDERS' EQUITY $277.0 M.