The Arabian Scandinavian Insurance Company (ASCANA) has announced the results of its Board of Directors meeting held on Sunday, November 9, 2014, reporting a profit plunge by 75% during the first nine months of 2014.

In its statement to the Dubai Financial Market (DFM), ASCANA said it achieved a net profit of AED six million ($1.6 million) during the first nine months of 2014, compared to a net profit of AED 24 million ($6.5 million) during the same period in 2013, recording plummeting profits by 75%.

Meanwhile, ASCANA reported a net profit of AED 9.6 million during the third quarter of the year compared to AED 7.7 million during the same period last year.

Earnings per share (EPS) for the first nine months fell to AED 0.04 compared to AED 0.15 in 2013.

It is worth noting that ASCANA had reported a net loss of AED 3.6 million during the first half of 2014 compared to a net profit of AED 16.3 million. Moreover, net loss for the second quarter of the year reached AED six million against a net profit of AED 9.45 million during the second quarter of 2013.

ASCANA’s capital amounts to AED 154 million divided on 154 million shares at par value AED 1 per share.