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

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 PropertyMarineAviation and Motor

Transport

MiscellaneousJune 30,

2011

June 30,

2010

  AggregateAggregate
Revenue Account
Net premium revenue4,447,5894,114,0646,128,328 1,378,467 16,066,44918,973,081
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 result2,370,190(172,517)360,519383,3712,941,5642,753,099
Investment income350,445793,808
Gain on sale of fixed assets229,793 572,727
Other income-net23,7042,420
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 PropertyMarine Aviation and Motor

Transport

MiscellaneousJune 30,June 30,
20112010
 AggregateAggregate
Revenue Account
Net premium revenue9,543,3877,032,47712,351,9372,931,70831,859,50940,511,431
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 3,140,45987,883263,2871,351,7594,843,1878,194,260
Investment Income5,136 993,950
Gain on sale of fixed assets229,793572,727
Other income-net4,064,00416,020
General and administrative expense(7,782,742)(12,445,196)
———-———-
Profit/ (loss) before tax1,359,378 (2,668,239)
Taxation
Current (370,923)(30,472)
Deferred -(2,351,322)
———- ———-
Profit/ (loss) after tax988,455(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