Tune Protect's shares down 0.99% after reporting lower Q2 earnings

PETALING JAYA: Tune Protect Group Bhd's share price fell 0.99% after the group announced a lower net profit for the second quarter ended June 30, 2017.

At 10.30am today, the group's share price fell 1 sen to RM1 with a total of 2.94 million shares traded. Its share price fell 0.98% to close at RM1.01 on Friday with a total of 2.33 million shares traded.

Last Friday, the group told Bursa Malaysia that its net profit for the quarter fell 50.87% to RM13 million from RM26.47 million a year ago due to an increase in net claims.

It said the increase in net claims was mainly from the motor class of its general insurance business, but was offset by a minor improvement in share of profits of overseas ventures.

The decline in net profit was also due to the subdued topline of its Digital Global Travel as a result of the Malaysian Aviation Commission's opt-in ruling on ancillary offerings online.

Revenue for the quarter rose 6.65% to RM133.88 million from RM125.54 million a year ago due to an increase of RM11.9 million in gross earned premiums mainly from the motor class of general insurance business.