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The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from Al-Shark Electrode Company ( ELECTRODE). 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 independent auditor’s 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 ( 9 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Industry 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 123,740 JOD, compared with a net profit before taxes of 149,001 JOD from the first nine months of 2011, a net decrease of 17.0%. Total assets of the company reached 3,588,879 JOD as of September 30th, 2012, compared to total assets of 3,779,591 JOD as of December 31st, 2011, a net decrease of 5.0%. Total liabilities of the company reached 224,561 JOD as of September 30th, 2012, compared to total liabilities of 427,391 JOD as of December 31st, 2011, a net decrease of 47.5%. Net ownership equity of the company reached 3,364,318 JOD as of September 30th, 2012, compared with a net ownership equity of 3,352,199 JOD as of December 31st, 2011, a net increase of 0.4% in the first nine months.
Within the conclusion in the Independent Auditors’ Review Report ( Al-Qaisi Group), the following opinion was conveyed: Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with International Accounting Standard No. (34)