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Palestine Real Estate Investment earns pretax income of JD0.70 million in H1 2012

2012-08-16

The Palestine Exchange (PEX) received the reviewed interim consolidated financial statements from Palestine Real Estate Investment Company ( PRICO). 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 ( 17 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 695,878 JOD, compared with a net profit before taxes of 863,690 JOD from the first six months of 2011, a net decrease of 19.4%. Total assets of the company reached 115,989,739 JOD as of June 30^th, 2012, compared to total assets of 96,472,866 JOD as of December 31^st, 2011, a net increase of 20.2%. Total liabilities of the company reached 32,448,073 JOD as of June 30^th, 2012, compared to total liabilities of 29,541,637 JOD as of December 31^st, 2011, a net increase of 9.8%. Net ownership equity of the company reached 83,541,666 JOD (including 2,301,993 JOD in Minority Rights) as of June 30^th, 2012, compared with a net ownership equity of 66,931,229 JOD (including 2,281,440 JOD in Minority Rights) as of December 31^st, 2011, a net increase of 24.8% in the last six months. Furthermore, paid-in capital increased from 48,575,974 JOD on December 31^st, 2011 to 63,762,486 JOD  by June 30^th, 2012, an increase of 31.3%.