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Palestine Industrial Investment PIIC achieves a pretax income of JD0.31million; down by 85.6% in the first nine months of 2012

2012-10-30

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Palestine Industrial Investment Company ( PIIC). 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, 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 Investment 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 311,919 JOD, compared with a net profit before taxes of 2,166,128 JOD from the first nine months of 2011, a net decrease of 85.6%. Total assets of the company reached 43,519,715 JOD as of September 30th, 2012, compared to total assets of 43,378,096 JOD as of December 31st, 2011, a net increase of 0.3%. Total liabilities of the company reached 13,732,302 JOD as of September 30th, 2012, compared to total liabilities of 13,275,770 JOD as of December 31st, 2011, a net increase of 3.4%. Net ownership equity of the company reached 29,787,413 JOD (including 4,721,236 JOD in Minority Rights) as of September 30th, 2012, compared with a net ownership equity of 30,102,326 JOD (including 4,881,498 JOD in Minority Rights) as of December 31st, 2011, a net decrease of 1.0% in the first nine months.


 

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