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Palestine Mortgage & Housing Corporation earns a pretax income of $0.32 million in the first nine months of 2011

2011-10-10

The Palestine Exchange (PEX) received the unaudited interim consolidated financial statements from Palestine Mortgage & Housing Corporation ( PMHC). The PEX disclosure rules in place give all of the PEX listed companies a period of one month to report their third quarter interim financial statements as reviewed by the company’s internal 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.

PMHC is the first listed company to disclose its interim financial statements for third quarter of 2011.  

The disclosed information includes: the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, and the Statement of Cash Flows. Notes to the interim financial statements were not provided. The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking & Financial Services Sector. The interim report also should include information required by Article (37/2) of the PEX disclosure rules in place: the company included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first nine months of the year.

According to company data for the first nine months of the year, net profit before taxes reached 315,581 USD, compared with a net profit before taxes of 162,142 USD from the first nine months of 2010, a net increase of 94.6%. Total assets of the company have reached 37,046,474 USD as of September 30th, 2011, compared to total assets of 38,717,139 USD as of December 31st, 2010, a net decrease of 4.3%. Total liabilities of the company have reached 16,121,390 USD as of September 30th, 2011, compared to total liabilities of 17,027,100 USD as of December 31st, 2010, a net decrease of 5.3%. Net ownership equity of the company has reached 20,925,084 USD as of September 30th, 2011, compared with net ownership equity of 21,690,039 USD as of December 31^st, 2010, a net decrease of 3.5% in the last nine months.