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The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Jerusalem Cigarette Company ( JCC). 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, 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 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 61,464 JOD, compared with a net profit before taxes of 244,845 JOD from the first three months of 2011, a net decrease of 74.9%. Total assets of the company reached 39,125,341 JOD as of March 31st, 2012, compared to total assets of 41,682,850 JOD as of December 31st, 2011, a net decrease of 6.1%. Total liabilities of the company reached 20,979,471 JOD as of March 31st, 2012, compared to total liabilities of 24,574,030 JOD as of December 31st, 2011, a net decrease of 14.6%. Net ownership equity of the company reached 18,145,870 JOD as of March 31st, 2012, compared with net ownership equity of 17,108,820 JOD as of December 31st, 2011, a net increase of 6.1% in the first three months.