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PalAqar for Real Estate Development & Management Company (PALAQAR) reports a pretax income of JD0.04 million in H1 2012

2012-08-12

The Palestine Exchange (PEX) received the reviewed interim consolidated financial statements from PalAqar for Real Estate Development & Management Company (PALAQAR). 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.

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 ( 7 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service 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 39,320 JOD, compared with a net profit before taxes of 171,359 JOD from the first six months of 2011, a net decrease of 77.1%. Total assets of the company reached 3,683,032 JOD as of June 30^th, 2012, compared to total assets of 3,825,515 JOD as of December 31^st, 2011, a net decrease of 3.7%. Total liabilities of the company reached 1,507,629 JOD as of June 30^th, 2012, compared to total liabilities of 1,680,216 JOD as of December 31^st, 2011, a net decrease of 10.3%. Net ownership equity of the company reached 2,175,403 JOD as of June 30^th, 2012, compared with a net ownership equity of 2,145,299 JOD as of December 31^st, 2011, a net increase of 1.4% in the last six months.

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