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The Palestinian Investment Fund (PIF), which manages the Commercial and Investment activities of the Palestinian Authority, announces its net profits of 36 million dollars in the first quarter of this current year, after the considerable loss amounting more than 7 million dollars in the first quarter of last year.
The un audited financial statements of the PIF, showed a rise in its revenues as much as 42 million dollars in the first quarter of this year, compared to 7.5 million dollars out of approximately 13.8 million dollars in the first quarter of last year.
The administrative expenses declined during the two periods to approximately 593 thousand dollars out of approximately 638 thousand dollars.
The rise in fund profits basically strengthens, plus a decrease in operating and administrative expenses. Profits for the Financial Equity Assets rose to approximately 36.4 million dollars in the first quarter of this year, versus the 1.9 million dollars profited in the last years first quarter.
The Funds Operating income recorded an incline of approximately 4.8 million dollars in the first quarter of this year against the 4.11 million dollars in the first quarter last year.
On the other hand un audited financial statements of the PFI showed a decrease in the assets total where at the end of this year first quarter amounted to 856.6 million dollars compared to about 892.3 million dollars by the end of last years.
Therefore among the total assets, the financial assets available for sales total was about 672 million dollars by the end of the first quarter for this year, compared to 691.8 million dollars by the end of last year. Also decreased are the Investment funds in sister companies to approximately 24.5 million dollars from this years first quarter, out of 40.3 million dollars from last years.
Just a reminder that the funds profited approximately 94 million dollars last year, that"s a rise of 25% compared to profits earned the year of 2005.