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The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Arab Company for Paints Products ( APC). PEX disclosure rules give all PEX listed companies one month to report their first quarter interim financial statements as reviewed by the company’s internal auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.
APC is the second listed company, and the first company within the Industry Sector to disclose its interim financial statements for the first three months of 2012.
The disclosed information includes: the Statement of Financial Position, the Income Statement, Changes in Equity Ownership, the Statement of Cash Flows, and notes to the interim financial statements. 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 three months of the year.
According to company data for the first three months of the year, net profit before taxes reached 91,780 JOD, compared with a net profit before taxes of 199,903 JOD from the first three months of 2011, a net decrease of 54.1%. Total assets of the company reached 3,468,264 JOD as of March 31th, 2012, compared to total assets of 3,725,271 JOD as of December 31st, 2011, a net decrease of 6.9%. Total liabilities of the company reached 1,387,172 JOD as of March 31th, 2012, compared to total liabilities of 1,429,076 JOD as of December 31st, 2011, a net decrease of 2.9%. Net ownership equity of the company reached 2,081,093 JOD as of March 31th, 2012, compared with a net ownership equity of 2,296,195 JOD as of December 31st, 2011, a net decrease of 9.4% in the last three months.