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Union Construction and Investment UCI earns a pretax profit of $1.01 million in H1 2012

2012-08-15

The Palestine Exchange (PEX) received the reviewed interim consolidated financial statements from Union Construction And Investment Company ( UCI). 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, a Statement of Income & Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 28 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 profit before taxes reached 1,012,131 USD, compared with a net loss of (29,916) USD from the first six months of 2011. Total assets of the company reached 50,413,776 USD as of June 30^th, 2012, compared to total assets of 51,556,532 USD as of December 31^st, 2011, a net decrease of 2.2%. Total liabilities of the company reached 10,323,865 USD as of June 30^th, 2012, compared to total liabilities of 1,939,886 USD as of December 31^st, 2011, a net increase of 432.2%. Net ownership equity of the company reached 40,089,911 USD (including 221,585 USD in Minority Rights) as of June 30^th, 2012, compared with a net ownership equity of 49,616,646 USD (including 210,965 USD in Minority Rights) as of December 31^st, 2011, a net decrease of 19.2% in the last six months. Furthermore, paid-in capital decreased from 40,000,000 USD  on December 31^st, 2011 to 32,000,000 USD  by June 30^th, 2012, an decrease of 20.0%.