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Palestine Insurance Company earns a loss of $0.19 million in 2012

2013-02-17

The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from Palestine Insurance Company ( PICO). PEX disclosure rules give all PEX listed companies 45 days to report their preliminary annual 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 disclosed information includes:          

1) A copy of the year-end preliminary financial statements. 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. Notes to the financial statements were not included.

2) The company attached with the disclosure “the summary of year-end preliminary financial statements” form for PEX, and it includes: basic information about the company, the date for the convening of the annual ordinary General Assembly meeting, the date of publication of the annual report, the distribution plan for the annual report, in addition to a summary of preliminary results for the year 2012 compared with the audited results of 2011.

3) The disclosure included an approval from the Insurance Directorate Department within the Palestine Capital Markets Authority (PCMA) to disclose financial information.

4) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Insurance Sector.

5) A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.

According to company data for year-end preliminary financial statements for year 2012, net loss before taxes reached (187,629) USD, compared with a net profit before taxes of 516,449 USD in the audited data for 2011. Total assets of the company reached 31,553,233 USD as of December 31^st, 2012, compared to total assets of 32,755,818 USD as of December 31^st, 2011, a net decrease of 3.7%. Total liabilities of the company reached 27,460,891 USD as of December 31st, 2012, compared to total liabilities of 28,305,729 USD as of December 31^st, 2011, a net decrease of 3.0%. Net ownership equity of the company reached 4,092,342 USD as of December 31^st, 2012, compared with a net ownership equity of 4,450,089 USD as of December 31^st, 2011, a net decrease of 8.0%.