send to a friend by email

Palestine Real Estate Investment earns a pretax income of JD0.86 million in 1H 2011

2011-08-16

Palestine Exchange (PEX) received reviewed interim consolidated financial statements from Palestine Real Estate Investment Company (PRICO). 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 (12 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 863,690 JOD, compared with a net profit before taxes of 2,869,011 JOD from the first half of 2010, a net decrease of 69.9%. Total assets of the company have reached 87,957,685 JOD as of June 30th, 2011, compared to total assets of 87,928,266 JOD as of December 31st, 2010, a net increase of 0.03%. Total liabilities of the company have reached 24,914,260 JOD as of June 30, 2011, compared to total liabilities of 22,308,899 JOD as of December 31st, 2010, a net increase of 11.7%. Net ownership equity of the company has reached 63,043,425 JOD (including 2,531,088 JOD in minority rights) as of June 30th, 2011, compared with a net ownership equity of 65,619,367 JOD (including 2,786,202 JOD in minority rights) as of December 31st, 2010, a net decrease of 3.9% in the last six months.

Within the “Basis for Qualifications” paragraph in the Independent Auditors’ Review Report (Ernst & Young), qualifications were made regarding two issues. 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 financial statements are not, in all material respects, presented in accordance with International Accounting Standard No. (34) .