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The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from Palestine Securities Exchange Company (PSE). PEX disclosure rules give all PEX listed companies 45 days to report their first half interim financial statements as reviewed by their independent external 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.
PSE is the first listed company to disclose its interim financial statements for the first half of 2012.
The disclosed information includes: the independent external auditor’s review report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 5 note). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking & Financial Services Sector. The interim report should also include information required by Article (38/2) 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 half of the year.
According to company data for the first six months of the year, net loss reached (298,387) USD, compared with a net profit before taxes of 91,269 USD from the first six months of 2011. Total assets of the company reached 12,459,927 USD as of June 30th, 2012, compared to total assets of 12,658,010 USD as of December 31st, 2011, a net decrease of 1.6%. Total liabilities of the company reached 1,831,285 USD as of June 30th, 2012, compared to total liabilities of 1,526,332 USD as of December 31st, 2011, a net increase of 20.0%. Net ownership equity of the company reached 10,628,642 USD as of June 30th, 2012, compared with a net ownership equity of 11,131,678 USD as of December 31st, 2011, a net decrease of 4.5% in the last six months.
Within the Conclusion in the Independent Auditors’ Review Report (Ernst & Young), the following was opinion was conveyed: Based on our limited review, nothing has come to our attention that causes us to believe that the interim condensed accompanying financial statements are not, in all material aspects, presented in accordance with International Accounting Standard No. 34".