ASCANA 08Q3 loss Dh-6.6m -384%

[sharewadi]

ASCANA 2008 Q3 loss Dh-6.6m -384%, M9 2.6m -88% 09 Nov 2008

Ascana 2008 Q3 report
Ascana 2008 M9 report

DFM 09 November 2008:

(ASCANA) Arab Scandinavian Insurance: Discloses its reviewed interim condensed financial statements for the period ended 30/09/2008

No BOD report supplied. Arabian Scandinavian Insurance (ASCANA) financial results for third quarter 2008 are (EPS annualised in brackets):

2008 Q3 loss = AED -6.64m -384.3% from 2007 Q3, EPS = -0.05 dhs (-0.20 )
2007 Q3 profit = AED 2.33m, EPS = 0.02 dhs
2008 M9 profit = AED 2.57m -87.6% from 2007 M9, EPS = 0.02 dhs (0.02 )
2007 M9 profit = AED 20.7m, EPS = 0.15 dhs

EPS figures calculated from Net Profit / 140,000,000 shares outstanding but as the company did not make a profit, PE calculation is not very useful. However, 2008 PE estimate based on M9 earnings is about 122.0 which is enough to make your eyes water, especially when you consider even without overall share prices in the toilet, UAE non-Islamic insurance companies usually have single figure PEs. The high PE reflects the loss for the third quarter from investments, rather than a share price that has headed north. As it happens, Ascana shares are one of the few in the UAE that are still higher than they were at the start of 2008 - buy about 20%. Ascana shares last traded on 03 November 2008, no trades today.

Other result and related topics

2008Q3 UAE result list

ASCANA 2008Q2 profit AED 7.0m 14 Aug 2008
ASCANA 2008Q1 report - profit AED 2.2m 01 May 2008 (SW summary)
ASCANA 2007FY profit AED 85.0m 05 Feb 2008
ASCANA 2007 Q3 results not reviewed - see 07Q3 DFM results for updates
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