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Palestine Industrial Investment earns a pretax income of JD2.41 million in the first half of 2011

2011-08-14

The Palestine Exchange (PEX) received reviewed interim consolidated condensed financial statements from Palestine Industrial Investment (PIIC). 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 Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements (11 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Investment 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 2,415,828 JOD, compared with a net profit before taxes of 2,218,087 JOD from the first half of 2010, a net increase of 8.9%. Total assets of the company have reached 46,739,779 JOD as of June 30th, 2011, compared to total assets of 42,861,386 JOD as of December 31st, 2010, a net increase of 9.0%. Total liabilities of the company have reached 12,717,922 JOD as of June 30, 2011, compared to total liabilities of 10,502,792 JOD as of December 31st, 2010, a net increase of 21.1%. Net ownership equity of the company has reached 34,021,857 JOD (including 5,820,815 JOD in minority rights) as of June 30th, 2011, compared with a net ownership equity of 32,358,594 JOD (including 5,003,438 JOD in minority rights) as of December 31st, 2010, a net increase of 5.1% 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: PIIC did not have an income tax provision for profit realized in the fiscal year 2005 in the amount of 353,436 JOD… Within the conclusion paragraph, the following was conveyed: Based on our limited review, with the exception of the impact of the basis of qualification paragraph, 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).