Tune PETALING JAYA: Tune Ins Holdings Bhd’s net profit for the second quarter ended June 30 declined by 12% to RM14.35mil from RM16.31mil a year earlier mainly due to an increase in staff costs and higher provision for the share of Malaysian Motor Insurance Pool (MMIP).
Revenue rose 4.96% to RM101.51mil from RM96.71mil in the previous corresponding quarter supported by an increase of RM4.2mil in gross earned premiums and RM600,000 in investment income.
“Removing the impact of the MMIP cash call of 2013 and to provide a better comparison, pre-tax profit increased 22.4% year-on-year (y-o-y),” the company said in a statement yesterday.
For the first half, the company registered RM215.46mil in revenue and RM33.59mil in net profit, which are 17.45% and 11.22% higher, respectively, compared with those recorded one year ago.
Commenting on the company’s performance for the first six months, its chief executive officer Peter Miller said in the statement that the company’s entrance and new partnerships in the Middle East and Thailand bode very well for the short to medium term.
“We will continue to strive to expand our business internationally while growing the bottom line and achieving the targets which we have set for ourselves,” he added.
Miller said he was optimistic on the company’s outlook in the second half as he expected its overseas and domestic investments to begin yielding results as the year progressed.