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Only 5 companies disclosed their semi-annual financial data with dead line on its way.

2007-08-06

Only 5 companies disclosed their semi-annual financial data with dead line on its way.

 Ramallah-With the legal dead line date getting closer, according to the rule of disclosure by the Palestine Securities Exchange, companies have until August 15 to disclose their financial data for the semi-annual year of 2007.So far 5 companies disclosed their company data while the market awaits the financial data of the 30 remaining companies. In the service sector only one company disclosed its data and it is (PALTEL),it indicated its net profits, before taxes, amounted to about 27,57 million dinars compared to last years net profit of 26 million dinars. In the industrial sector,(BPC) announced its semi-annual results with audited financial statements showing a net profit, before taxes, of about 1,46 million JD for the first half of this current year. This compared to a loss amounted to about 1,2 million JD during last year’s semi-annual. In the insurance sector, (NIC) announced its net profit gain, before taxes, amounting to $1,490 million for this semi-annual year. As for (AIG), it was one of the first companies to disclose its semi-annual financial data where it achieved a net profit, before taxes, of $1,118 million compared with the $1,5 million for last years semi-annual.

 In the investment sector, PSE only received one company’s disclosed financial data which is (UCI).Its financial data indicated a net profit, before taxes, of $600 thousand for the first half of this year. It is noteworthy to include that PSE takes punitive measures against companies that go beyond the legal time limit without disclosing its semi-annual financial data. Also these sanctions include stopping the company’s shares from being traded and therefore pending the receipt of audited financial statements of the company.