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The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from Al-Shark Electrode Company ( ELECTRODE). 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 independent auditor’s review report the Statement of Financial Position, the Income Statement, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 5 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 three months of the year.
According to company data for the first three months of the year, net profit before taxes reached 49,211 JOD, compared with a net profit before taxes of 32,139 JOD from the first three months of 2011, a net increase of 53.1%. Total assets of the company reached 3,730,496 JOD as of March 31st, 2012, compared to total assets of 3,779,591 JOD as of December 31st, 2011, a net decrease of 1.3%. Total liabilities of the company reached 330,636 JOD as of March 31st, 2012, compared to total liabilities of 427,391 JOD as of December 31st, 2011, a net decrease of 22.6%. Net ownership equity of the company reached 3,399,860 JOD as of March 31st, 2012, compared with a net ownership equity of 3,352,199 JOD as of December 31st, 2011, a net increase of 1.4% in the first three months.
Within the conclusion in the Independent Auditors’ Review Report ( Al-Qaisi Group), the following was conveyed: Based on our limited review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not, in all material respects, presented in accordance with International Accounting Standard No. (34) .