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Palestine Electric Company PEC earns pretax income of $11.01 million; up by 47.9% in the first nine months of 2012

2012-10-18

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Palestine Electric Company ( PEC). 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.

PEC is the first company within the Service Sector to disclose its interim financial statements for the first nine months of 2012.

The disclosed information includes: the Statement of Financial Position, a Statement of Income & Comprehensive Income, Changes in Equity Ownership, and the Statement of Cash Flows. The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service 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 11,011,254 USD, compared with a net profit before taxes of 7,443,934 USD from the first nine months of 2011, a net increase of 47.9%. Total assets of the company reached 115,564,113 USD as of September 30^th, 2012, compared to total assets of 117,726,912 USD as of December 31^st, 2011, a net decrease of 1.8%. Total liabilities of the company reached 32,410,048 USD as of September 30^th, 2012, compared to total liabilities of 39,584,101 USD as of December 31^st, 2011, a net decrease of 18.1%. Net ownership equity of the company reached 83,154,065 USD as of September 30^th, 2012, compared with a net ownership equity of 78,142,811 USD as of December 31^st, 2011, a net increase of 6.4% in the first nine months.