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Palestine Mortgage & Housing Corporation PMHC achieved a pretax income of $0.26 million for H1 2012

2012-07-29

The Palestine Exchange (PEX) received the reviewed interim consolidated condensed financial statements from Palestine Mortgage & Housing Corporation Company ( PMHC). 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.

PMHC is the third listed company to disclose its interim financial statements for the first half of 2012.

The disclosed information includes: an Independent Accountants" 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 ( 9 notes). 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 also should 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 profit before taxes reached 258,624 USD, compared with a net profit before taxes of 113,001 USD from the first six months of 2011, a net increase of 128.9%. Total assets of the company reached 37,270,351 USD as of June 30^th, 2012, compared to total assets of 37,125,997 USD as of December 31^st, 2011, a net increase of 0.4%. Total liabilities of the company reached 16,049,600 USD as of June 30^th, 2012, compared to total liabilities of 16,119,882 USD as of December 31^st, 2011, a net decrease of 0.4%. Net ownership equity of the company reached 21,220,751 USD as of June 30^th, 2012, compared with a net ownership equity of 21,006,115 USD as of December 31^st, 2011, a net increase of 1.0% in the last six months.

Within the conclusion in the Independent Auditors’ Review Report ( Ernst & Young), the following opinion was conveyed: Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated condensed financial statements are not prepared, in all material respects, in accordance with   International Accounting Standard No. (34) .