send to a friend by email

Jerusalem Real Estate Investment earns a pretax income of $0.13 million in 1H 2011

2011-08-16

The Palestine Exchange (PEX) received reviewed interim condensed financial statements from Jerusalem Real Estate Investment (JREI). 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 (19 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 135,467 USD, compared with a net profit before taxes of 46,618 USD from the first half of 2010, a net increase of 190.6%. Total assets of the company have reached 16,859,649 USD as of June 30th, 2011, compared to total assets of 16,318,131 USD as of December 31st, 2010, a net increase of 3.3%. Total liabilities of the company have reached 6,013,555 USD as of June 30, 2011, compared to total liabilities of 5,095,321 USD as of December 31st, 2010, a net increase of 18.0%. Net ownership equity of the company has reached 10,846,094 USD as of June 30th, 2011, compared with a net ownership equity of 11,222,810 USD as of December 31st, 2010, a net decrease of 3.4% in the last six months.

Within the conclusion in the Independent Auditors’ Review Report ( Saba & Co.), the following was conveyed: Based on our limited review, we are not aware of any  material modifications that need to be made to the accompanying interim financial statements for them to be, in all material respects, representing fairly the financial position of the Jerusalem Real Estate Investment 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) and the accounting policies discussed in note #3.