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The National Carton Industry realizes a net loss of $25 thousand in H1 2012

2012-08-12

The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from The National Carton Industry Company ( NCI). 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 Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 5 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Industry 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 (24,643) USD, compared with a net profit before taxes of 111,029 USD from the first six months of 2011. Total assets of the company reached 5,735,251 USD as of June 30^th, 2012, compared to total assets of 5,739,015 USD as of December 31^st, 2011, a net decrease of 0.1%. Total liabilities of the company reached 426,190 USD as of June 30^th, 2012, compared to total liabilities of 373,715 USD as of December 31^st, 2011, a net increase of 14.0%. Net ownership equity of the company reached 5,309,061 USD as of June 30^th, 2012, compared with a net ownership equity of 5,365,300 USD as of December 31^st, 2011, a net decrease of 1.0% in the last six months.

Within the opinion paragraph of 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 condensed financial statements are not prepared, in all material respects, in accordance with   International Accounting Standard No. (34) . The auditor stated at the end of the report under “Emphasis of Matters”: Without qualifying our opinion and as outlined in note #4, the Company did not get a tax clearance on income since inception in 1993 through 2011.