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The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Union Construction And Investment Company ( UCI). 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 Investment 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 501,981 USD, compared with a net profit before taxes of 24,248 USD from the first three months of 2011, a net increase of 1970.2%. Total assets of the company reached 53,183,570 USD as of March 31st, 2012, compared to total assets of 51,556,532 USD as of December 31st, 2011, a net increase of 3.2%. Total liabilities of the company reached 2,981,195 USD as of March 31st, 2012, compared to total liabilities of 1,939,886 USD as of December 31st, 2011, a net increase of 53.7%. Net ownership equity of the company reached 50,202,375 USD (including 198,065 USD in Minority Rights as of March 31st, 2012, compared with net ownership equity of 49,616,646 USD (including 210,965 USD in Minority Rights) as of December 31st, 2011, a net increase of 1.2% in the first three months.