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Palestine Development & Investment (PADICO) Company earns a pretax income of $15.65 million; down by 39.5% in the first nine months of 2012

2012-11-04

The Palestine Exchange (PEX) received the reviewed interim consolidated condensed financial statements from Palestine Development & Investment Company ( PADICO). 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: a summary of financial performance, 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 ( 10 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 profit before taxes reached 15,653,000 USD, compared with a net profit before taxes of 25,860,000 USD from the first nine months of 2011, a net decrease of 39.5%. Total assets of the company reached 722,039,000 USD as of September 30^th, 2012, compared to total assets of 732,760,000 USD as of December 31^st, 2011, a net decrease of 1.5%. Total liabilities of the company reached 245,147,000 USD as of September 30^th, 2012, compared to total liabilities of 249,638,000 USD as of December 31^st, 2011, a net decrease of 1.8%. Net ownership equity of the company reached 476,892,000 USD (including 82,649,000 USD in Minority Rights) as of September 30^th, 2012, compared with a net ownership equity of 483,122,000 USD (including 81,525,000 USD in Minority Rights) as of December 31^st, 2011, a net decrease of 1.3% in the first nine months. All figures in the financial statements appeared in thousands of USD.

Within the conclusion in the Independent Auditors’ Review Report ( Ernst & Young), the following qualification was made in the “Basis for Qualification” paragraph: PADICO relied on unaudited financial statements of some subsidiary companies… Within the "qualified conclusion" paragraph, the following opinion was conveyed: Based on our review, with the exception of the impact of the basis of qualification paragraph, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with  with International Accounting Standard No. (34) .