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Palestine Insurance Company earns a loss of $0.58 million in the first nine months of 2012

2012-11-04

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 third 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 initial approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information. The Insurance Directorate will issue later a final approval.

The disclosed information includes: the Statement of Financial Position, 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 nine months of the year.

According to company data for the first nine months of the year, net loss reached (584,267) USD, compared with a net profit before taxes of 161,150 USD from the first nine months of 2011. Total assets of the company reached 31,639,195 USD as of September 30^th, 2012, compared to total assets of 32,755,818 USD as of December 31^st, 2011, a net decrease of 3.4%. Total liabilities of the company reached 27,860,781 USD as of September 30^th, 2012, compared to total liabilities of 28,305,729 USD as of December 31^st, 2011, a net decrease of 1.6%. Net ownership equity of the company reached 3,778,414 USD as of September 30^th, 2012, compared with a net ownership equity of 4,450,089 USD as of December 31^st, 2011, a net decrease of 15.1% in the first nine months.