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The National Carton Industry earns a pretax income of $0.09 million in the first nine months of 2011

2011-10-20

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from The National Carton Industry (NCI). 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.  

The disclosed information includes: the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, 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 Industry Sector. The interim report should also 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 91,180 USD, compared with a net profit before taxes of 98,780 USD from the first nine months of 2010, a decrease of 7.7%. Total assets of the company have reached 5,934,070 USD as of September 30th, 2011, compared to total assets of 5,943,908 USD as of December 31st, 2010, a net decrease of 0.2%. Total liabilities of the company have reached 499,984 USD as of September 30th, 2011, compared to total liabilities of 618,574 USD as of December 31st, 2010, a net decrease of 19.2%. Net ownership equity of the company has reached 5,434,086 USD as of September 30th, 2011, compared with a net ownership equity of 5,325,334 USD as of December 31st, 2010, a net increase of 2.0%. Furthermore, paid-in capital decreased from 7,052,186 USD on December 31st, 2010 to 5,000,000 USD by September 30th, 2011, an decrease of 29.1%.