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Golden Wheat Mills earns pretax income of JD1.36 million in the first nine months of 2011

2011-10-30

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Golden Wheat Mills (GMC). 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 and Notes to the interim financial statements (8 notes). 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 1,356,155 JOD, compared with a net profit before taxes of 530,000 JOD from the first nine months of 2010, a net increase of 155.9%. Total assets of the company have reached 17,971,752 JOD as of September 30th, 2011, compared to total assets of 19,528,258 JOD as of December 31st, 2010, a net decrease of 8.0%. Total liabilities of the company have reached 894,501 JOD as of September 30th, 2011, compared to total liabilities of 2,950,136 JOD as of December 31st, 2010, a net decrease of 69.7%. Net ownership equity of the company has reached 17,077,251 JOD (including (24,500) in minority rights) as of September 30th, 2011, compared with a net ownership equity of 16,578,122 JOD (including (24,500) in minority rights) as of December 31st, 2010, a net increase of 3.0% in the last nine months.