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Palestine Industrial Investment PIIC realizes a net loss of JD81 thousand in H1 2012

2012-08-15

The Palestine Exchange (PEX) received the reviewed interim consolidated financial statements from Palestine Industrial Investment Company ( PIIC). 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 ( 7 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 before taxes reached (81,902) JOD, compared with a net profit before taxes of 2,415,828 JOD from the first six months of 2011. Total assets of the company reached 42,890,409 JOD as of June 30^th, 2012, compared to total assets of 43,378,096 JOD as of December 31^st, 2011, a net decrease of 1.1%. Total liabilities of the company reached 13,435,869 JOD as of June 30^th, 2012, compared to total liabilities of 13,275,770 JOD as of December 31^st, 2011, a net increase of 1.2%. Net ownership equity of the company reached 29,454,540 JOD (including 4,681,919 JOD in Minority Rights) as of June 30^th, 2012, compared with a net ownership equity of 30,102,326 JOD (including 4,881,498 JOD in Minority Rights) as of December 31^st, 2011, a net decrease of 2.2% in the last six months.