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Palestine Plastic Industries realizes a loss of JD53 thousand in the first half of 2011

2011-08-14

The Palestine Exchange (PEX) received reviewed interim condensed financial statements from Palestine Plastic Industries (LADAEN). 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.

The disclosed information includes: Independent Accountants" Review Report, the Statement of Financial Position, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements (5 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 during the first half of the year.

According to company data for the first half of this year, net loss reached (53,111) JOD, compared with a net loss of (178,351) JOD from the first half of 2010, a net decrease in loss of 70.2%. Total assets of the company have reached 4,763,929 JOD as of June 30th, 2011, compared to total assets of 4,967,295 JOD as of December 31st, 2010, a net decrease of 4.1%. Total liabilities of the company have reached 968,277 JOD as of June 30, 2011, compared to total liabilities of 1,118,532 JOD as of December 31st, 2010, a net decrease of 13.4%. Net ownership equity of the company has reached 3,795,652 JOD as of June 30th, 2011, compared with a net ownership equity of 3,848,763 JOD as of December 31st, 2010, a net decrease of 1.4% in the last six months.

Within the conclusion in the Independent Auditors’ Review Report (Ernst & Young), the following qualification was made in the “Basis for Qualification” paragraph: unused property, if reflected at it’s net sales value, would amount to 505,000 JOD. If this figure was reflected in their financial statements, Property, Plant and Equipment would be 529,000 less. Within the conclusion paragraph, the following was conveyed: Based on our limited 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, presented in accordance with International Accounting Standard No. (34) . An additional paragraph, Emphasis of Matter, noted the companies continuing losses as a cause for going concern.