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The Palestine Exchange (PEX) received reviewed interim condensed financial statements from Al Mashriq Insurance (MIC). The PEX disclosure rules in place give all of the PEX listed companies a period of 45 days to report their first half interim financial statements as reviewed by their independent external auditor. Their disclosure has been published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in conjunction with this press release.
The disclosed information includes: Independent Accountants" Review Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements (15 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Insurance Sector. The interim report also includes the additional information required by Article (38/2) of the PEX disclosure rules in place concerning management, issued shares, material changes and significant events that may have affected financial performance during the first half of the year.
The disclosure included an approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information.
According to company data for the first half of this year, net loss reached (1,635,474) USD, compared with a net loss of (561,751) USD from the first half of 2010, a net increase in loss of 191.1%. Total assets of the company have reached 16,088,088 USD as of June 30th, 2011, compared to total assets of 15,333,062 USD as of December 31st, 2010, a net increase of 4.9%. Total liabilities of the company have reached 18,034,313 USD as of June 30, 2011, compared to total liabilities of 16,209,928 USD as of December 31st, 2010, a net decrease of 11.3%. Net ownership equity of the company has reached a deficit of (1,946,225) USD as of June 30th, 2011, compared with a deficit in net ownership equity of (876,866) USD as of December 31st, 2010, a net increase in deficit of 122.0% in the last six months.
Within the conclusion in the Independent Auditors’ Review Report (Ernst & Young), the following was conveyed: Based on our limited review, with the exception of the impact of the basis of qualification paragraph, we are not aware of any material modifications that should be made to the accompanying interim condensed financial statements for them to represent fairly the financial position of the Al Mashriq Insurance as of June 30, 2011 and its financial performance, and cash flows for the six month period then ended in accordance with International Accounting Standard No. (34). The “Basis of Qualification” paragraphs discuss serious issues the company is facing as detailed in the notes.