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2012-08-16
The Palestine Exchange (PEX) received the reviewed
interim condensed financial statements from
Arab Real Estate Establishment Company (
ARE). 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 (
8 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 loss before taxes reached (965)
JOD, compared with a net profit before taxes of 6,825
JOD from the first six months of
2011. Total assets of the company reached 3,011,197
JOD as of June 30th,
2012, compared to total assets of 2,422,451
JOD as of December 31st,
2011, a net
increase of 24.3%. Total liabilities of the company reached 2,026,738
JOD as of June 30th,
2012, compared to total liabilities of 1,400,328
JOD as of December 31st,
2011, a net
increase of 44.7%. Net ownership equity of the company reached 984,459
JOD as of June 30th,
2012, compared with a net ownership equity of 1,022,123
JOD as of December 31st,
2011, a net
decrease of 3.7% in the last six months.
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