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Palestine Securities Exchange PSE achieves a loss of $0.70 million in 2012

2013-01-30

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Palestine Securities Exchange Company (PSE). PEX disclosure rules give all PEX listed companies 45 days to report their preliminary annual 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.

PSE is the first listed company to disclose its year-end preliminary financial statements for the year 2012.

The disclosed information includes:          

1) A copy of the year-end preliminary financial statements. The disclosed information includes: The Balance Sheet, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 26 notes).

2) The company attached with the disclosure “the summary of year-end preliminary financial statements” form for PEX, and it includes: basic information about the company, the date for the convening of the annual ordinary General Assembly meeting, the date of publication of the annual report, the distribution plan for the annual report, in addition to a summary of preliminary results for the year 2012 compared with the audited results of 2011.

3) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Banking & Financial Services Sector.

4) A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.

According to company data for year-end preliminary financial statements for year 2012, net loss reached (701,201) USD, compared with a net loss of (266,275) USD in the audited data for 2011, a net increase in loss of 163.3%. Total assets of the company reached 11,723,148 USD as of December 31st, 2012, compared to total assets of 12,658,010 USD as of December 31^st, 2011, a net decrease of 7.4%. Total liabilities of the company reached 1,487,110 USD as of December 31st, 2012, compared to total liabilities of 1,526,332 USD as of December 31^st, 2011, a net decrease of 2.6%. Net ownership equity of the company reached 10,236,038 USD as of December 31st, 2012, compared with a net ownership equity of 11,131,678 USD as of December 31^st, 2011, a net decrease of 8.0%.