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Arab Real Estate Establishment earns a loss of JD31 thousand in Q1 2012

2012-05-02

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Arab Real Estate Establishment Company ( ARE). 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 ( 6 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service 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 loss reached (31,348) JOD, compared with a net profit before taxes of 12,363 JOD from the first three months of 2011. Total assets of the company reached 2,858,692 JOD as of March 31^st, 2012, compared to total assets of 2,422,451 JOD as of December 31^st, 2011, a net increase of 18.0%. Total liabilities of the company reached 1,867,252 JOD as of March 31^st, 2012, compared to total liabilities of 1,400,328 JOD as of December 31^st, 2011, a net increase of 33.3%. Net ownership equity of the company reached 991,440 JOD as of March 31^st, 2012, compared with net ownership equity of 1,022,123 JOD as of December 31^st, 2011, a net decrease of 3.0% in the first three months.