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Eight listed companies disclose their financial results for the first quarter of the current year.

2008-04-20

Eight PSE listed companies until now had disclosed their financial results for the first quarter of 2008. Six companies revealed an increase of their results versus the same period of the last year, where one company registered a slightly decrease in its financials, as the remaining company showed a loss for the quarter. From these companies three in the banking sector. Palestine Investment Bank had doubled its before-tax income to $2.20 million in the first quarter versus $1.10 million in the same period in the last year, as for Arab Islamic Bank it had raised its profit to $1.80 million versus $1.30 million in the last year, where Al-Quds Bank for Development & Investment registered a loss of $110,000 in the first quarter in 2008 versus a net income of $362,000 in the same period of 2007.  In the services sector, Vegetables oil Industries Company and the National Carton Industry Company announced their financials, where the two companies had been able to convert their loss in the first quarter in 2007 to a gain in the first quarter in the current year, where VOIC declared an income of JD 217,000 versus a loss of JD 25,000 in 2007, and NCI attained JD 35,000 in this quarter versus a loss of JD 65,000 in 2007. In the insurance sector, Ahliea Insurance Company"s results revealed a decline in its income to $908,000 from $849,000 in the first quarter of the last year.