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Sunday, September 20th, 2020

The Crescent Star Insurance Company Limited’s financial result for the second quarter ended June 30, 2011

Be First!

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

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