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Palestine Mortgage & Housing Corporation PMHC achieved a pretax income of $0.41 million for the first nine months of 2012

2012-10-10

The Palestine Exchange (PEX) received the unaudited interim consolidated financial statements from Palestine Mortgage & Housing Corporation Company ( PMHC). PEX disclosure rules give all PEX listed companies one month to report their third quarter interim financial statements as reviewed by the company’s internal 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.

PMHC is the first listed company to disclose its interim financial statements for third quarter of 2012.

The disclosed information includes: a summary of financial performance highlights, 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 ( 1 note). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking & Financial Services Sector. The interim report should also include information required by Article (37/2) 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 nine months of the year.

According to company data for the first nine months of the year, net profit before taxes reached 410,446 USD, compared with a net profit before taxes of 314,828 USD from the first nine months of 2011, a net increase of 30. 4%. Total assets of the company reached 37,231,107 USD as of September 30^th, 2012, compared to total assets of 37,125,997 USD as of December 31^st, 2011, a net increase of 0.3%. Total liabilities of the company reached 15,875,774 USD as of September 30^th, 2012, compared to total liabilities of 16,119,882 USD as of December 31^st, 2011, a net decrease of 1.5%. Net ownership equity of the company reached 21,355,333 USD as of September 30^th, 2012, compared with net ownership equity of 21,006,115 USD as of December 31^st, 2011, a net increase of 1.7% in the last nine months.