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Arab Palestinian Shopping Centers realizes a loss of JD0.71 million in 1H 2011

2011-08-16

Palestine Exchange (PEX) received reviewed interim condensed financial statements from Arab Palestinian Shopping Centers (PLAZA). 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.

The disclosed information includes: Independent Accountants" Review Report, the Statement of Financial Position, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements (14 notes). The interim report did not include 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 loss reached (713,667) JOD, compared with a net profit before taxes of 64,356 JOD from the first half of 2010. Total assets of the company have reached 16,393,577 JOD as of June 30th, 2011, compared to total assets of 16,057,313 JOD as of December 31st, 2010, a net increase of 2.1%. Total liabilities of the company have reached 9,839,973 JOD as of June 30, 2011, compared to total liabilities of 8,790,042 JOD as of December 31st, 2010, a net increase of 11.9%. Net ownership equity of the company has reached 6,553,604 JOD as of June 30th, 2011, compared with a net ownership equity of 7,267,271 JOD as of December 31st, 2010, a net decrease of 9.8% in the last six months.

Within the conclusion in the Independent Auditors’ Review Report (Saba & Co.), the following was conveyed: Based on our limited review, we are not aware of any  material modifications that need to be made to the accompanying interim financial statements for them to be, in all material respects, representing fairly the financial position of the Arab Palestinian Shopping Centers as of June 30, 2011 and its financial performance, and cash flows for the six month period then ended in accordance with International Accounting Standard No. (34).