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Palestine Electric Company PEC earns pretax income of $6.73 million in H1 2012

2012-08-16

The Palestine Exchange (PEX) received the reviewed interim consolidated financial statements from Palestine Electric Company ( PEC). 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 ( 13 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service 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 6,730,678 USD, compared with a net profit before taxes of 6,741,648 USD from the first six months of 2011, a net decrease of 0.2%. Total assets of the company reached 112,742,276 USD as of June 30th, 2012, compared to total assets of 117,747,995 USD as of December 31st, 2011, a net decrease of 4.3%. Total liabilities of the company reached 33,868,787 USD as of June 30th, 2012, compared to total liabilities of 39,605,184 USD as of December 31st, 2011, a net decrease of 14.5%. Net ownership equity of the company reached 78,873,489 USD as of June 30th, 2012, compared with a net ownership equity of 78,142,811 USD as of December 31st, 2011, a net increase of 0.9% in the last six months.

 

 

 

 


 

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