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Arab Real Estate Establishment earns pretax income of JD6 thousand in 1H 2011

2011-08-15

The Palestine Exchange (PEX) received reviewed interim condensed financial statements from Arab Real Estate Establishment (ARE). 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, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements (9 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service 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 6,826 JOD, compared with a net profit before taxes of 22,360 JOD from the first half of 2010, a net decrease of 69.5%. Total assets of the company have reached 2,339,981 JOD as of June 30th, 2011, compared to total assets of 1,862,990 JOD as of December 31st, 2010, a net increase of 25.6%. Total liabilities of the company have reached 1,316,637 JOD as of June 30, 2011, compared to total liabilities of 1,106,106 JOD as of December 31st, 2010, a net increase of 19.0%. Net ownership equity of the company has reached 1,023,344 JOD as of June 30th, 2011, compared with a net ownership equity of 756,883 JOD as of December 31st, 2010, a net increase of 35.2% in the last six months.

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