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$15.49 million the profits of “Padico Holding” in the first nine months of the year 2012

2012-11-04

Palestine Development and Investment Company PADICO announced achieving $15.49 million net income in the first nine months of the year 2012 compared to $25.45 million during the same period of the year 2011; down by 39.1% , about $9.96 million. PADICO noted in a press release that the current general political and economic conditions are still dominating the performance of Palestine Stock Exchange PEX’s listed companies and the business sector which originally suffers from repercussions of the Palestinian economic slowdown as a result of the political burdens and the continuity of split in addition to the financial crisis that Palestine Monetary Authority suffers from which defeated it from paying its obligations to the private sector and not being able to pay the employees’ salaries. As is the case for most companies which was reflected on PADICO. The CEO of PADICO; Mr. Samir Hulaileh pointed out that the reduction in PADICO’s net income came as a result of a decrease in the operating income of its subsidiaries in addition to a decrease in PADICO’s stake from its subsidiaries financial results.