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Palestine Exchange (PEX) received reviewed interim consolidated financial statements from Birzeit Pharmaceuticals (BPC). 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 (24 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 profit before taxes reached 1,362,482 JOD, compared with a net profit before taxes of 1,935,970 JOD from the first half of 2010, a net decrease of 29.6%. Total assets of the company have reached 38,314,263 JOD as of June 30th, 2011, compared to total assets of 37,336,583 JOD as of December 31st, 2010, a net increase of 2.6%. Total liabilities of the company have reached 7,317,516 JOD as of June 30, 2011, compared to total liabilities of 6,212,258 JOD as of December 31st, 2010, a net increase of 17.8%. Net ownership equity of the company has reached 30,996,747 JOD (including 208,054 JOD in minority rights) as of June 30th, 2011, compared with a net ownership equity of 31,124,325 JOD (including 226,625 JOD in minority rights) as of December 31st, 2010, a net decrease of 0.4% in the last six months. Furthermore, paid-in capital increased from 12,100,000 JOD on December 31st, 2010 to 13,066,145 JOD on June 30th, 2011, an increase of 8.0%.
Within the conclusion in the Independent Auditors’ Review Report (Saba & Co.), the following was conveyed: Based on our limited review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not, in all material aspects, representing fairly the financial position of the Birzeit Pharmaceuticals as of June 30, 2011 and its financial performance, and cash flows for the six month period then ended in accordance with International Accounting Standard No. (34).