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The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from Palestine Securities Exchange Company (PSE). 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.
The disclosed information includes: Independent Accountants" 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 ( 5 notes). 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 loss reached (567,797) USD, compared with a net loss of (81,888) USD from the first nine months of 2011, a net increase in loss of 593.4%. Total assets of the company reached 11,885,526 USD as of September 30th, 2012, compared to total assets of 12,658,010 USD as of December 31st, 2011, a net decrease of 6.1%. Total liabilities of the company reached 1,615,652 USD as of September 30th, 2012, compared to total liabilities of 1,526,332 USD as of December 31st, 2011, a net increase of 5.9%. Net ownership equity of the company reached 10,269,874 USD as of September 30th, 2012, compared with a net ownership equity of 11,131,678 USD as of December 31st, 2011, a net decrease of 7.7% in the first nine months.
Within the conclusion in the Independent Auditors’ Review Report ( Ernst & Young), the following was conveyed: Based on our limited review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not, in all material respects, presented in accordance with International Accounting Standard No. (34) .