first-quarter profit of $6.7 million -- down 5.5 percent ($389,000) on the same quarter in 1992.

Revenues were up by 6.7 percent ($1.1 million) to $16.76 million, but were outstripped by expenses soaring by 16.9 percent ($1.45 million) to $10 million.

Management blamed the drop in profit on general and administrative costs, which jumped by 93 percent ($402,000) to $835,000.

Earned premiums for the quarter to January 31, 1993, went up by 13.6 percent ($1.1 million) to $9.4 million.

Investment income remained steady at $7.4 million, reflecting lower interest rates, despite a 3.1 percent increase in the the book value of the securities portfolio to $443.5 million.

Policies in force at the end of the quarter came to 189, compared with 176 a year ago.

The provision for first quarter 1993 losses and loss expenses was up 13.6 percent (($8 million) as CODA continued to reserve at 85 percent of earned premiums.

Total unpaid losses and loss expenses at January 31, 1993, were $145.7 million, up from $140 million at the end of the 1992 fiscal year.

A media release issued by CODA stated: "No significant specific adverse claim developments were experienced in the first quarter of 1993.

"In addition, subsequent to January 31, 1993, the company has finalised a reinsurance agreement which is designed to afford protection from a series of large underwriting losses. Coverage will be provided from November 1, 1992, and initial costs of the programme will be recorded in the second quarter financial statements.'' There were no realised gains on the sale of investment securities in the first quarter of 1993 or 1992.

Total assets increased by 2.9 percent ($13.1 million) during the first quarter to $467.1 million. Total liabilities went up by 2.9 percent ($6.4 million) to $222.9 million.