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The National Carton Industry earns a pretax income of $0.11million in the first half of 2011

2011-08-03

The Palestine Exchange (PEX) received reviewed interim condensed financial statements from The National Carton Industry ( NCI). The PEX disclosure rules in place give all of the PEX listed companies a period of 45 days to report their first half interim financial statements as reviewed by their independent external auditor. Their disclosure has been published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in conjunction with this press release. 

NCI is the fifth listed company to disclose its interim financial statements for the first half of 2011.

The disclosed information includes: Independent Accountants" Review Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 7 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Industry Sector. The interim report also includes the additional information required by Article (38/2) of the PEX disclosure rules in place concerning management, issued shares, material changes and significant events that may have affected financial performance during the first half of the year.  

According to company data for the first half of this year, net profit before taxes reached 111,029 USD, compared with a net profit before taxes of 113,220 USD from the first half of 2010, a net decrease of 1.9%. Total assets of the company have reached 5,958,718 USD as of June 30th, 2011, compared to total assets of 5,943,908 USD as of December 31^st, 2010, a net increase of 0.2%. Total liabilities of the company have reached 508,702 USD as of June 30, 2011, compared to total liabilities of 618,574 USD as of December 31st, 2010, a net decrease of 17.8%. Net ownership equity of the company has reached 5,450,016 USD as of June 30th, 2011, compared with a net ownership equity of 5,325,334 USD as of December 31^st, 2010, a net increase of 2.3% in the last six months.

Within the opinion paragraph in the Independent Auditors’ Review Report ( Ernst & Young), the following was conveyed: Based on our limited review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not, in all material aspects, presented in accordance with International Accounting Standard No. (34) . The auditor stated at the end of the report under “Emphasis of Matters”: Without qualifying our opinion and as outlined in note #5, the Company did not get a tax clearance on income since inception in 1993 through 2010.

Moreover, it is worth mentioning that the General Assembly held an extraordinary meeting on March 29^th, 2011, to reduce its capital from $5 million JOD to $5 million USD.