BUSINESS

TUNE PROTECT Q3 NET PROFIT INCREASES TO RM10.99 MILLION

21/11/2019 08:32 PM

KUALA LUMPUR, Nov 21 -- Tune Protect Group Bhd's net profit  for the third quarter (Q3) ended Sept 30, 2019 rose to RM10.99 million from RM9.13 million in the same quarter a year earlier.

However, revenue declined 12.5 per cent to RM123.84 million from RM141.49 million previously, it said in a filing with Bursa Malaysia today.

The decrease in revenue was mainly due to lower gross earned premiums by RM18.8 million, attributed to Motor RM6.4 million and Non-Motor RM12.4 million, arising mainly from the Marine Hull, Workmen Compensation, Offshore Oil and Gas classes of general insurance business.

"This was offset by an increase of RM1.1 million in investment income, mainly due to dividend income received from unit trust funds and share of investment income from the Malaysia Motor Insurance Pool," it said.

On prospects, the group expects a challenging fourth quarter 2019 amid the competitive insurance landscape and economic environment.

"The group endeavours to deliver a similar level of profits as in the past financial year.

"The group continues to journey on the initiatives essential to drive the group's key transformation pillars in ASEAN business, AirAsia ecosystems, insurtech capabilities, and national business," it said.

-- BERNAMA

 


 


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