Tune Ins posts lower Q2 earnings

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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights


Next In Business News

Kenanga ceases coverage on George Kent, projects challenging outlook
Shifting to safer investments
A US$130mil crypto quant nets big returns as options boom
Comfort Gloves earnings soar on higher sales, ASPs
WCT bullish on construction sector
Serba Dinamik former chairman Mohamed Nor resigns�
Berjaya Corp denies involvement with Berjaya Investment, warns of scam
WTI-Brent spread narrows as oil market tightens
Ace market bound Nestcon IPO oversubscribed by 57 times
Rubberex proposes RM78.6mil share placement for capacity expansion�

Stories You'll Enjoy