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Birzeit Pharmaceuticals earns a pretax income of JD1.00 million in Q1 2012

2012-04-30

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Birzeit Pharmaceuticals Company ( BPC). 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, and Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 1 note). 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 1,000,068 JOD, compared with a net profit before taxes of 1,115,633 JOD from the first three months of 2011, a net decrease of 10.4%. Total assets of the company reached 39,773,134 JOD as of March 31^st, 2012, compared to total assets of 40,228,844 JOD as of December 31^st, 2011, a net decrease of 1.1%. Total liabilities of the company reached 6,833,104 JOD as of March 31^st, 2012, compared to total liabilities of 8,297,885 JOD as of December 31^st, 2011, a net decrease of 17.7%. Net ownership equity of the company reached 32,940,030 JOD (including 207,171 JOD in Minority Rights) as of March 31^st, 2012, compared with a net ownership equity of 31,930,959 JOD (including 195,558 JOD in Minority Rights) as of December 31^st, 2011, a net increase of 3.2% in the first three months.