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The Palestine Exchange (PEX) received reviewed interim financial statements from Arab Investors (ARAB). 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 (16 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 36,157 JOD, compared with a net loss of (3,813) JOD from the first half of 2010. Total assets of the company have reached 10,506,868 JOD as of June 30th, 2011, compared to total assets of 10,655,403 JOD as of December 31st, 2010, a net decrease of 1.4%. Total liabilities of the company have reached 633,148 JOD as of June 30, 2011, compared to total liabilities of 553,657 JOD as of December 31st, 2010, a net increase of 14.4%. Net ownership equity of the company has reached 9,873,720 JOD as of June 30th, 2011, compared with a net ownership equity of 10,101,746 JOD as of December 31st, 2010, a net decrease of 2.3% in the last six months.
Within the conclusion in the Independent Auditors’ Review Report (Saba & Co.), the following qualification was made in the “Basis for Qualification” paragraph: ARAB relied on unaudited financial statements of subsidiary companies. 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, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with International Accounting Standard No. (34) .