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Al Shark Electrode earns a pretax income of JD0.09 million in H1 2012

2012-08-16

The Palestine Exchange (PEX) received the reviewed interim consolidated financial statements from Al-Shark Electrode Company ( ELECTRODE). 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, 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 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 profit before taxes reached 90,089 JOD, compared with a net profit before taxes of 84,046 JOD from the first six months of 2011, a net increase of 7.2%. Total assets of the company reached 3,699,614 JOD as of June 30^th, 2012, compared to total assets of 3,779,591 JOD as of December 31^st, 2011, a net decrease of 2.1%. Total liabilities of the company reached 331,989 JOD as of June 30^th, 2012, compared to total liabilities of 427,391 JOD as of December 31^st, 2011, a net decrease of 22.3%. Net ownership equity of the company reached 3,367,624 JOD as of June 30^th, 2012, compared with a net ownership equity of 3,352,199 JOD as of December 31^st, 2011, a net increase of 0.5% in the last six months.