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Jerusalem Cigarettes earns a pretax income of JD1.05 million in the first nine months of 2011

2011-10-26

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Jerusalem Cigarettes ( JCC). The PEX disclosure rules in place give all of the PEX listed companies a period of one month to report their third quarter interim financial statements as reviewed by the company’s internal 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: the Statement of Financial Position, the Income Statement, Changes in Equity Ownership, the Statement of Cash Flows. Notes to the interim financial statements were not provided. The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Industry Sector. The interim report should also include information required by Article (37/2) of the PEX disclosure rules in place. The company included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first nine months of the year.

According to company data for the first nine months of the year, net profit before taxes reached 1,046,466 JOD, compared with a net profit before taxes of 816,236 JOD from the first nine months of 2010, a net increase of 28.2%. Total assets of the company have reached 41,105,080 JOD as of September 30th, 2011, compared to total assets of 39,862,633 JOD as of December 31st, 2010, a net increase of 3.1%. Total liabilities of the company have reached 22,944,399 JOD as of September 30th, 2011, compared to total liabilities of 25,489,140 JOD as of December 31st, 2010, a net decrease of 10.0%. Net ownership equity of the company has reached 18,160,681 JOD as of September 30th, 2011, compared with a net ownership equity of 14,373,493 JOD as of December 31^st, 2010, a net increase of 26.3% in the last nine months. Furthermore, paid-in capital increased from 7,000,000 JOD on December 31^st, 2010 to 10,000,000 JOD  by September 30^th, 2011, an increase of 42.9%.