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Palestine Insurance earns a loss of $0.49 million in Q1 2012

2012-05-06

The Palestine Exchange (PEX) received the unaudited interim consolidated financial statements from Palestine Insurance Company ( PICO). 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 loss reached (492,969) USD, compared with a net profit before taxes of 103,298 USD from the first three months of 2011. Total assets of the company reached 33,198,964 USD as of March 31^st, 2012, compared to total assets of 32,755,818 USD as of December 31^st, 2011, a net increase of 1.4%. Total liabilities of the company reached 29,141,673 USD as of March 31^st, 2012, compared to total liabilities of 28,305,729 USD as of December 31^st, 2011, a net increase of 3.0%. Net ownership equity of the company reached 4,057,291 USD as of March 31^st, 2012, compared with a net ownership equity of 4,450,089 USD as of December 31^st, 2011, a net decrease of 8.8% in the first three months

PICO failed to disclose its first quarter financials within the statutory period ended on April 30, 2012. PEX received PICO"s disclosure on May 03rd, 2012.