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Al Mashriq Insurance realizes a loss of $1.07 million in the first nine months of 2011

2011-10-31

The Palestine Exchange (PEX) received the unaudited 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 one month to report their third quarter interim financial statements as reviewed by the company’s internal 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 disclosure included an approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information.

The disclosed information includes: 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 should also include information required by Article (37/2) of the PEX disclosure rules in place. The company included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first nine months of the year.

According to company data for the first nine months of the year, net loss reached (1,071,000) USD, compared with a net loss of (910,143) USD from the first nine months of 2010, a net increase in loss of 17.7%. Total assets of the company have reached 14,692,811 USD as of September 30th, 2011, compared to total assets of 15,333,062 USD as of December 31st, 2010, a net decrease of 4.2%. Total liabilities of the company have reached 15,948,708 USD as of September 30th, 2011, compared to total liabilities of 16,209,928 USD as of December 31st, 2010, a net decrease of 1.6%. Net ownership equity of the company has reached (1,255,897) USD as of September 30th, 2011, compared with a net ownership equity of (876,866) USD as of December 31^st, 2010, a net increase in ownership equity deficit of 43.2% in the last nine months. Furthermore, paid-in capital decreased from 7,200,000 USD  on December 31^st, 2010 to 5,200,000 USD  by September 30^th, 2011, a decrease of 27.8%.