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The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Trust International Insurance Company ( TRUST). PEX disclosure rules give all PEX listed companies one month to report their first quarter interim financial statements as reviewed by the company’s internal auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms. 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 and the Statement of Cash Flows. 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 three months of the year.
According to company data for the first three months of the year, net profit before taxes reached 671,877 USD, compared with a net profit before taxes of 783,276 USD from the first three months of 2011, a net decrease of 14.2%. Total assets of the company reached 70,988,777 USD as of March 31st, 2012, compared to total assets of 74,733,162 USD as of December 31st, 2011, a net decrease of 5.0%. Total liabilities of the company reached 45,374,237 USD as of March 31st, 2012, compared to total liabilities of 49,409,393 USD as of December 31st, 2011, a net decrease of 8.2%. Net ownership equity of the company reached 25,614,540 USD as of March 31st, 2012, compared with a net ownership equity of 25,323,769 USD as of December 31st, 2011, a net increase of 1.1% in the first three months.