Karachi: We have to inform you that the Board of Directors of our company in their meeting held on 29th August 2011 at Steel House, west Wharf Road, Karachi recommended the following:
1) Cash Dividend Nil
2) Bonus Shares Nil
3) Right Shares Nil
The financial results of the Company are as follows:
Three Months Period Ended
| Fire and Property | Marine | Aviation and Motor
Transport |
Miscellaneous | June 30,
2011 |
June 30,
2010 |
|
| Aggregate | Aggregate | |||||
| Revenue Account | ||||||
| Net premium revenue | 4,447,589 | 4,114,064 | 6,128,328 | 1,378,467 | 16,066,449 | 18,973,081 |
| Net claims | (286,133) | (926,268) | (2,872,343) | 58,618 | (4,006,126) | (4,619,196) |
| Management expenses | (1,339,348) | (3,275,488) | (1,912,250) | (869,527) | (7,396,613) | (10,150,488) |
| Net commission | (471,918) | (84,825) | (981,216) | (184,187) | (1,722,146) | (1,451,200) |
| (2,077,398) | (4,286,681) | (5,765,809) | (995,096) | (13,124,884) | (16,220,882) | |
| ——— | ——— | ——— | ———- | ———- | ———- | |
| Underwriting result | 2,370,190 | (172,517) | 360,519 | 383,371 | 2,941,564 | 2,753,099 |
| Investment income | 350,445 | 793,808 | ||||
| Gain on sale of fixed assets | 229,793 | 572,727 | ||||
| Other income-net | 23,704 | 2,420 | ||||
| General and administrative expenses | (3,483,115) | (8,104,324) | ||||
| ——— | ——— | |||||
| Profit / (loss) before tax | 62,391 | (4,062,270) | ||||
| Taxation | ||||||
| Current | (212,992) | – | ||||
| ——— | ——— | |||||
| Loss after tax | (150,600) | (4,062,270) | ||||
| ——— | ——— | |||||
| Basic earnings / (loss) per share | 0.01 | (0.34) | ||||
Six Months Period Ended
| Fire and Property | Marine Aviation and Motor
Transport |
Miscellaneous | June 30, | June 30, | ||
| 2011 | 2010 | |||||
| Aggregate | Aggregate | |||||
| Revenue Account | ||||||
| Net premium revenue | 9,543,387 | 7,032,477 | 12,351,937 | 2,931,708 | 31,859,509 | 40,511,431 |
| Net claims | (1,393,351) | (1,634,117) | (6,036,658) | (165,034) | (9,229,169) | (12,896,955) |
| Management expenses | (4,094,230) | (5,211,330) | (4,051,143) | (1,070,998) | (14,427,701) | (16,298,341) |
| Net commission | (915,348) | (99,347) | (2,000,851) | (343,917) | (3,359,462 | (3,121,875) |
| ——— | ——— | ———- | ——— | ———- | ———- | |
| (6,402,929) | (6,944,794) | (12,088,640) | (1,579,949) | (27,016,322) | (32,317,171) | |
| ——— | ——— | ———- | ——— | ———- | ———- | |
| Underwriting result | 3,140,459 | 87,883 | 263,287 | 1,351,759 | 4,843,187 | 8,194,260 |
| Investment Income | 5,136 | 993,950 | ||||
| Gain on sale of fixed assets | 229,793 | 572,727 | ||||
| Other income-net | 4,064,004 | 16,020 | ||||
| General and administrative expense | (7,782,742) | (12,445,196) | ||||
| ———- | ———- | |||||
| Profit/ (loss) before tax | 1,359,378 | (2,668,239) | ||||
| Taxation | ||||||
| Current | (370,923) | (30,472) | ||||
| Deferred | – | (2,351,322) | ||||
| ———- | ———- | |||||
| Profit/ (loss) after tax | 988,455 | (5,050,033) | ||||
| ———- | ———- | |||||
| Profit and loss appropriation account | ||||||
| Balance at commencement of the year | (64,355,999) | (68,100,028) | ||||
| Profit / (loss) after tax for the period | 988,455 | (5,050,033) | ||||
| ———- | ———- | |||||
| Balance unappropriated (loss) at end of the period | (63,367,544) | (73,150,059) | ||||
| ———- | ———- | |||||
| Basic earnings / (loss) per share | 0.08 | (0.42) | ||||
The Share Transfer Books of the Company will be closed from 25th August 2011 to 31st August 2011 both days inclusive. Transfer received at our Share Registrar M/s MG Associate Private Limited. 2, Mustafa Avenue, F/4, Block-9, Behind “The Forum,” Clifton Karachi, Pakistan by the close of business on 24th August will be treated in time for the purpose of payment of Dividend, Bonus Shares end Right Shares or any other entitlement to the Transferees.
For more information, contact:
Khuzaima Hakimi
Secretary
The Crescent Star Insurance Company Limited
Nadir House, 2nd Floor,
I.I. Chundrigar Road,
P.O. Box: 4616, Karachi – 74000
Ph: 021-2415471 (3 Lines)
Fax: (92-21) 2415474
E-mail: info@cstar.com.pk
Website: www.cstar.com.pk
