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Palestine Plastic Industries LADAEN realizes a loss of JD0.58 million in 2012

2013-02-13

The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from Palestine Plastic Industries Company (LADAEN). 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.

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. Notes to the financial statements were not included.

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 Industry 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 year2012, net loss reached (580,823) JOD, compared with a  net loss of (455,672) JOD in the audited data for 2011, a net increase in loss of 27.5%. Total assets of the company reached 3,668,969 JOD as of December 31st, 2012, compared to total assets of 4,150,526 JOD as of December 31st, 2011, a net decrease of 11.6%. Total liabilities of the company reached 856,701 JOD as of December 31st, 2012, compared to total liabilities of 757,435 JOD as of December 31st, 2011, a net increase of 13.1%. Net ownership equity of the company reached 2,812,268 JOD as of  December  31st, 2012, compared with a net ownership equity of 3,393,091 JOD as of December 31st, 2011, a net decrease of 17.1%.