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Palestine Real Estate Investment earns pretax income of JD1.62 million in the first nine months of 2011

2011-10-30

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Palestine Real Estate Investment Co. (PRICO). 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 (13 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Investment 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 1,623,962 JOD, compared with a net profit before taxes of 2,664,058 JOD from the first nine months of 2010, a net decrease of 39.0%. Total assets of the company have reached 90,628,782 JOD as of September 30th, 2011, compared to total assets of 87,928,266 JOD as of December 31st, 2010, a net increase of 3.1%. Total liabilities of the company have reached 26,895,698 JOD as of September 30th, 2011, compared to total liabilities of 22,308,899 JOD as of December 31st, 2010, a net increase of 20.6%. Net ownership equity of the company has reached 63,733,084 JOD (including 2,429,769 JOD in Minority Rights) as of September 30th, 2011, compared with a net ownership equity of 65,619,367 JOD (including 2,786,202 JOD in Minority Rights) as of December 31st, 2010, a net decrease of 2.9% in the last nine months.