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Palestine Investment and Development realizes a net loss of JD56 thousand in H1 2012

2012-08-08

The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from Palestine Investment & Development Company ( PID). 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

PID is the first company within the Investment Sector to disclose its interim financial statements for the first half of 2012.

The disclosed information includes: an Independent Auditors’ Review Report, the Statement of Financial Position, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 4 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Investment 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 loss reached (55,605) JOD, compared with a net loss of (15,107) JOD from the first six months of 2011, a net increase in loss of 268.1%. Total assets of the company reached 2,517,487 JOD as of June 30^th, 2012, compared to total assets of 2,578,150 JOD as of December 31^st, 2011, a net decrease of 2.4%. Total liabilities of the company reached 45,811 JOD as of June 30^th, 2012, compared to total liabilities of 50,869 JOD as of December 31^st, 2011, a net decrease of 9.9%. Net ownership equity of the company reached 2,471,676 JOD as of June 30^th, 2012, compared with a net ownership equity of 2,527,281 JOD as of December 31^st, 2011, a net decrease of 2.2% in the last six months.

Within the conclusion in the Independent Auditors’ Review Report ( Maayah & Co.), the following opinion was conveyed: Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not, in all material aspects, representing fairly the financial position of Palestine Investment & Development as of June 30^th, 2012, and its financial performance and cash flows for the six month period then ended in accordance with International Accounting Standard No. (34) .