The share price of SET-listed Syn Mun Kong Insurance (SMK) plummeted on Wednesday after the company reported a loss of 29 billion baht in the first quarter.
SMK shares closed at 8.35 baht yesterday, down 3.55 baht or 29.8% from the previous day.
According to SMK’s financial statement filed to the Stock Exchange of Thailand (SET) on May 23, the company attributed the loss to surging claims and expenses from Covid insurance offering a lump-sum payment.
The company also saw its total expenses rise to 31.6 billion baht in the first quarter, up 29.4 billion or 1,313% from the same period last year.
This increase was attributed to a 23.3-billion-baht loss from Covid claims in the first quarter, a significant increase from 19.1 million in the same period last year.
The SET suspended trading of SMK shares on May 18 as the company failed to submit its financial statement…
