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Golden Wheat Mills earns pretax income of JD0.15 million in Q1 2012

2012-04-29

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Golden Wheat Mills Company ( GMC). 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 Income Statement, the Statement of Comprehensive Income, and Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 10 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 154,678 JOD, compared with a net profit before taxes of 661,635 JOD from the first three months of 2011, a net decrease of 76.6%. Total assets of the company reached 18,244,592 JOD as of March 31^st, 2012, compared to total assets of 17,906,141 JOD as of December 31^st, 2011, a net increase of 1.9%. Total liabilities of the company reached 1,130,341 JOD as of March 31^st, 2012, compared to total liabilities of 954,865 JOD as of December 31^st, 2011, a net increase of 18.4%. Net ownership equity of the company reached 17,114,251 JOD (including (24,500) JOD in Minority Rights) as of March 31^st, 2012, compared with a net ownership equity of 16,951,276 JOD (including (24,500) JOD in Minority Rights) as of December 31^st, 2011, a net increase of 1.0% in the first three months.