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Union Construction and Investment UCI earns a pretax profit of $0.73 million in 2012

2013-02-17

The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from Union Construction and Investment Company ( UCI). 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 Statement of Financial Position, the Income & 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 Investment 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 profit before taxes reached 729,740 USD, compared with a net profit before taxes of 2,052,470 USD in the audited data for 2011, a net decrease of 64.4%. Total assets of the company reached 41,337,000 USD as of December 31^st, 2012, compared to total assets of 51,556,532 USD as of December 31^st, 2011, a net decrease of 19.8%. Total liabilities of the company reached 1,595,544 USD as of December 31^st, 2012, compared to total liabilities of 1,939,886 USD as of December 31^st, 2011, a net decrease of 17.8%. Net ownership equity of the company reached 39,741,456 USD (including 153,223 USD in Non-controlling interest) as of December 31^st, 2012, compared with a net ownership equity of 49,616,646 USD (including 210,965 USD in Non-controlling interest) as of December 31^st, 2011, a net decrease of 19.9%. Furthermore, paid-in capital decreased from 40,000,000 USD on December 31^st, 2011 to 32,000,000 USD by December 31^st, 2012, a decrease of 20.0%.