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Palestine Electric earns pretax income of $7.44 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 Electric (PEC). 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, a Statement of Income & Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows. Financial statements in English were also provided, which included 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 Service 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 7,443,934 USD, compared with a net profit before taxes of 7,224,188 USD from the first nine months of 2010, a net increase of 3.0%. Total assets of the company have reached 118,419,602 USD as of September 30th, 2011, compared to total assets of 124,550,594 USD as of December 31st, 2010, a net decrease of 4.9%. Total liabilities of the company have reached 41,206,891 USD as of September 30th, 2011, compared to total liabilities of 48,781,817 USD as of December 31st, 2010, a net decrease of 15.5%. Net ownership equity of the company has reached 77,212,711 USD as of September 30th, 2011, compared with a net ownership equity of 75,768,777 USD as of December 31st, 2010, a net increase of 1.9% in the last nine months.