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The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from National Aluminum & Profile Company ( NAPCO). 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 ( 26 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 (43,324) JOD, compared with a net profit before taxes of 40,129 JOD from the first six months of 2011. Total assets of the company reached 20,692,281 JOD as of June 30th, 2012, compared to total assets of 19,779,829 JOD as of December 31st, 2011, a net increase of 4.6%. Total liabilities of the company reached 11,750,859 JOD as of June 30th, 2012, compared to total liabilities of 10,812,738 JOD as of December 31st, 2011, a net increase of 8.7%. Net ownership equity of the company reached 8,941,422 JOD s of June 30th, 2012, compared with a net ownership equity of 8,967,091 JOD as of December 31st, 2011, a net decrease of 0.3% in the last six months.
Within the conclusion in the Independent Auditors’ Review Report ( Saba & Co.), the following was opinion conveyed: Based on our review, we are not aware of any material modifications that need to be made to the accompanying interim condensed financial statements for them to be, in all material respects, representing fairly the financial position of the National Aluminum & Profile Company ( NAPCO) as of June 30, 2012 and its financial performance, and cash flows for the six month period then ended in accordance with International Accounting Standard No. (34).