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The Palestine Exchange (PEX) received reviewed interim financial statements from The Vegetables Oil Industries (VOIC). The PEX disclosure rules in place give all of the PEX listed companies a period of 45 days to report their first half interim financial statements reviewed by their independent external auditors. This disclosure has been published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in conjunction with this press release.
VOIC is the first listed company to disclose its interim financial statements for the first half of 2011.
The disclosed information includes: Independent Accountants" Review Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements (five notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Industry sector. The interim report also includes the additional information required by Article (38/2) of the PEX Disclosure Rules in place concerning management, issued shares, material changes and significant events that may have affected financial performance in the first half of the year.
According to company data for the first half of this year, net profit before taxes reached 1,088,032 JOD, compared with a net profit before taxes of 686,326 JOD from the first half of 2010, a net increase of 58.5%. Total assets of the company have reached 12,199,409 JOD as of 6/30/2011, compared to total assets of 12,059,884 as of 12/31/2010, a net increase of 1.2%. Total liabilities of the company have reached 1,201,358 JOD as of 6/30/2011, compared to total liabilities of 1,514,947 JOD as of 12/31/2010, a net decrease of 20.7%. Net Ownership Equity of the company has reached 10,998,051 JOD as of 6/30/2011, compared with a Net Ownership Equity of 10,544,937 JOD as of 12/31/2010, a net increase of 4.3% in the last six months.
An explanatory paragraph (The Basis of Qualification) was added to explain the reason for the qualification in the opinion paragraph. Within the Opinion paragraph in the Independent Auditors’ (Ernst & Young) Review Report, the following was conveyed: Based on our limited review, except for the effects mentioned in “Basis for Qualification”, if any, nothing came to our attention that causes us to believe that the interim condensed financial statements are not, in all material aspects, presented in accordance with International Accounting Standard No. 34.