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Palestine Development & Investment earns a pretax income of $16.65 million in 1H 2011

2011-08-16

The Palestine Exchange (PEX) received reviewed interim consolidated condensed financial statements from Palestine Development & Investment (PADICO). 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: a summary report of financial performance for the period, an 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 16,650,000 USD, compared with a net profit before taxes of 20,888,000 USD from the first half of 2010, a net decrease of 20.3%. Total assets of the company have reached 666,132,000 USD as of June 30th, 2011, compared to total assets of 637,979,000 USD as of December 31st, 2010, a net increase of 4.4%. Total liabilities of the company have reached 208,465,000 USD as of June 30, 2011, compared to total liabilities of 174,459,000 USD as of December 31st, 2010, a net increase of 19.5%. Net ownership equity of the company has reached 457,667,000 USD (including 63,129,000 USD in minority rights) as of June 30th, 2011, compared with a net ownership equity of 463,520,000 USD (including 63,783,000 in minority rights) as of December 31st, 2010, a net decrease of 1.3% in the last six months. All figures in the financial statements appeared in thousands of USD.

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