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Palestine Development & Investment earns a pretax income of $12.80 million in H1 2012

2012-08-15

The Palestine Exchange (PEX) received the reviewed interim consolidated financial statements from Palestine Development & Investment Company ( PADICO). 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 ( 11 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 12,796,000 USD, compared with a net profit before taxes of 16,650,000 USD from the first six months of 2011, a net decrease of 23.1%. Total assets of the company reached 723,281,000 USD as of June 30^th, 2012, compared to total assets of 732,760,000 USD as of December 31^st, 2011, a net decrease of 1.3%. Total liabilities of the company reached 250,617,000 USD as of June 30^th, 2012, compared to total liabilities of 249,638,000 USD as of December 31^st, 2011, a net increase of 0.4%. Net ownership equity of the company reached 472,664,000 USD (including 83,236,000 USD in Minority Rights) as of June 30^th, 2012, compared with a net ownership equity of 483,122,000 USD (including 81,525,000 USD in Minority Rights) as of December 31^st, 2011, a net decrease of 2.2% in the last six months. All figures in the financial statements appeared in thousands of USD.