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Karachi: We have to inform you that the Board of Directors of our company in their meeting held on 3rd April 2012 at Steel House, West Wharf Road, Karachi recommended the followings:
| i) | Cash Dividend | Nil |
| ii) | Bonus Shares | Nil |
| iii) | Right Shares | Nil |
The financial results of the Company are as follows:
| Fire and | Marine and | 2011 | 2010 | ||||
| Note | Property | transport | Motor | Miscellaneous | Aggregate | Aggregate | |
| Rupees | |||||||
| Net premium revenue | 16,157,610 | 15,310,529 | 23,773,130 | 4,989,211 | 60,230,480 | 74,157,379 | |
| Net claims | (1,888,824) | (2,241,120) | (14,232,553) | (9,405) | (18,371,902) | (21,095,026) | |
| Premium deficiency reserve | – | – | – | – | – | 730,044 | |
| Expenses | 25 | (5,472,029) | (8,185,152) | (8,051,145) | (1,689,675) | (20,398,001) | (22,268,423) |
| Net commission | (766,134) | (263,136) | (3,819,040) | (1,049,801) | (5,898,111) | (5,689,443) | |
| ——— | ——— | ——— | ——— | ———- | ———- | ||
| Underwriting result | 8,030,623 | 7,621,121 | (2,329,608) | 2,240,330 | 15,562,466 | 25,834,531 | |
| Investment gain – net | 396,432 | 1,910,564 | |||||
| Profit on sale of fixed assets | 1,291,400 | 500,624 | |||||
| Other income | 26 | 4,089,872 | 4,432,369 | ||||
| General and administrative expenses | 27 | (19,120,396) | (28,072,876) | ||||
| ———- | ———- | ||||||
| (13,342,692) | (21,229,319) | ||||||
| Profit before tax | 2,219,774 | 4,605,212 | |||||
| Provision for taxation | 28 | (792,252) | (861,186) | ||||
| ———- | ———- | ||||||
| Profit after tax | 1,427,522 | 3,744,026 | |||||
| ———- | ———- | ||||||
| Profit and loss appropriation account | |||||||
| Balance at commencement of the year | (64,356,000) | (68,100,026) | |||||
| Profit after tax for the year | 1,427,522 | 3,744,026 | |||||
| ———- | ———- | ||||||
| Balance of accumulated loss end of the year | (62,928,478) | (64,356,000) | |||||
| ———- | ———- | ||||||
| Earnings per share (Basic and diluted) | 29 | 0.12 | 0.31 | ||||
The share transfer book of the company will be closed from 22nd April 2012 to 28th April 2012 (Both days inclusive). Transfer received at our Share Registrar M/S. M.G. Associate Private Limited, 608-610, Paradise Chamber, Off: Shahrah-e-Iraq, Karachi- 74400 by the close of the business on 21st April 2012 will be treated in time for the purpose of payment of Dividend, Bonus Shares and Right Shares or any other entitlement to the transferees.
For more information, contact:
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