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Union Construction and Investment UCI earns a pretax profit of $1.06 million in the first nine months of 2012

2012-11-04

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Union Construction And Investment Company ( UCI). 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 Statement of Comprehensive Income, Changes in Equity Ownership, and the Statement of Cash Flows. 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 1,058,250 USD, compared with a net loss of (366,521) USD from the first nine months of 2011. Total assets of the company reached 43,552,835 USD as of September 30^th, 2012, compared to total assets of 51,556,532 USD as of December 31^st, 2011, a net decrease of 15.5%. Total liabilities of the company reached 3,529,934 USD as of September 30^th, 2012, compared to total liabilities of 1,939,886 USD as of December 31^st, 2011, a net increase of 82.0%. Net ownership equity of the company reached 40,022,901 USD (including 162,464 USD in Minority Rights) as of September 30^th, 2012, compared with a net ownership equity of 49,616,646 USD (including 210,965 USD in Minority Rights) as of December 31^st, 2011, a net decrease of 19.3% in the last nine months. Furthermore, paid-in capital decreased from 40,000,000 USD  on December 31^st, 2011 to 32,000,000 USD  by September 30^th, 2012, a decrease of 20.0%.