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The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Arab Real Estate Establishment Company ( ARE). 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: 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 ( 7 notes 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 8,267 JOD, compared with a net profit before taxes of 26,563 JOD from the first nine months of 2011, a net decrease of 68.9%. Total assets of the company reached 2,901,364 JOD as of September 30th, 2012, compared to total assets of 2,422,451 JOD as of December 31st, 2011, a net increase of 19.8%. Total liabilities of the company reached 1,914,809 JOD as of September 30th, 2012, compared to total liabilities of 1,400,328 JOD as of December 31st, 2011, a net increase of 36.7%. Net ownership equity of the company reached 986,555 JOD as of September 30th, 2012, compared with a net ownership equity of 1,022,123 JOD as of December 31st, 2011, a net decrease of 3.5% in the first nine months.