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Palestine Mortgage & Housing Corporation earns a pretax income of $0.11 million in the first half of 2011

2011-08-09

The Palestine Exchange (PEX) received reviewed interim consolidated condensed financial statements from Palestine Mortgage & Housing Corporation (PMHC). 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 as reviewed by their independent external auditor. Their disclosure has been published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in conjunction with this press release.

PMHC is the first company within the Banking & Financial Services Sector to disclose its interim financial statements for the first half of 2011.

The disclosed information includes: a summary of financial ratios, 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 (8 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking & Financial Services 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 during the first half of the year.

According to company data for the first half of this year, net profit before taxes reached 113,001 USD, compared with a net profit before taxes of 214,362 USD from the first half of 2010, a net decrease of 47.3%. Total assets of the company have reached 37,211,567 USD as of June 30th, 2011, compared to total assets of 38,717,139 USD as of December 31st, 2010, a net decrease of 3.9%. Total liabilities of the company have reached 16,378,117 USD as of June 30, 2011, compared to total liabilities of 17,027,100 USD as of December 31st, 2010, a net decrease of 3.8%. Net ownership equity of the company has reached 20,833,450 USD as of June 30th, 2011, compared with a net ownership equity of 21,690,039 USD as of December 31st, 2010, a net decrease of 3.9% in the last six months.

Within the conclusion in the Independent Auditors’ Review Report (Ernst & Young), the following was conveyed: Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated condensed financial statements are not, in all material respects, prepared in accordance with International Accounting Standard No. (34).