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The Palestine Exchange (PEX) received the reviewed interim consolidated condensed financial statements from PalAqar for Real Estate Development & Management Company (PALAQAR). 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, the Statement of Cash Flows and Notes to the interim financial statements ( 6 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 37,842 JOD, compared with a net profit before taxes of 250,945 JOD from the first nine months of 2011, a net decrease of 84.9%. Total assets of the company reached 3,735,944 JOD as of September 30th, 2012, compared to total assets of 3,825,515 JOD as of December 31st, 2011, a net decrease of 2.3%. Total liabilities of the company reached 1,564,581 JOD as of September 30th, 2012, compared to total liabilities of 1,680,216 JOD as of December 31st, 2011, a net decrease of 6.9%. Net ownership equity of the company reached 2,171,363 JOD as of September 30th, 2012, compared with a net ownership equity of 2,145,299 JOD as of December 31st, 2011, a net increase of 1.2% in the first nine months.
Within the conclusion in the Independent Auditors’ Review Report ( Ernst & Young), the following opinion was conveyed: Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated condensed financial statements are not prepared, in all material respects, in accordance with with International Accounting Standard No. (34) .