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Palestine Real Estate Investment realizes a loss of JD0.40 million in the first nine months of 2012 compared with a pretax income of JD1.62 million in the same period of 2011

2012-10-30

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Palestine Real Estate Investment Company ( PRICO). 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 ( 18 notes). 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 loss reached (398,719) JOD, compared with a net profit before taxes of 1,623,962 JOD from the first nine months of 2011. Total assets of the company reached 113,125,389 JOD as of September 30^th, 2012, compared to total assets of 96,472,866 JOD as of December 31^st, 2011, a net increase of 17.3%. Total liabilities of the company reached 30,240,929 JOD as of September 30^th, 2012, compared to total liabilities of 29,541,637 JOD as of December 31^st, 2011, a net increase of 2.4%. Net ownership equity of the company reached 82,884,460 JOD (including 2,308,096 JOD in Minority Rights) as of September 30^th, 2012, compared with a net ownership equity of 66,931,229 JOD (including 2,281,440 JOD in Minority Rights) as of December 31^st, 2011, a net increase of 23.8% in the first nine months. Furthermore, paid-in capital increased from 48,575,974 JOD on December 31^st, 2011 to 63,762,486 JOD by September 30^th, 2012, an increase of 31.3%.