send to a friend by email

Palestine Investment Bank PIBC achieved a net loss before tax of $0.31 million in Q1 2012

2012-04-19

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Palestine Investment Bank Company ( PIBC). 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.

The disclosed information includes: the Statement of Financial Position, the Statement of Comprehensive Income, Changes in Equity Ownership and the Statement of Cash Flows. The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking & Financial Services 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 loss reached (310,729) USD, compared with a net profit before taxes of 974,318 USD from the first three months of 2011. Total assets of the company reached 233,788,635 USD as of March 31^st, 2012, compared to total assets of 243,475,131 USD as of December 31^st, 2011, a net decrease of 4.0%. Total liabilities of the company reached 169,332,305 USD as of March 31^st, 2012, compared to total liabilities of 179,070,102 USD as of December 31^st, 2011, a net decrease of 5.4%. Net ownership equity of the company reached 64,456,330 USD as of March 31^st, 2012, compared with a net ownership equity of 64,405,029 USD as of December 31^st, 2011, a net increase of 0.1% in the first three months.