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Union Construction And Investment UCI realizes a loss of $0.37 million in the first nine months of 2011

2011-10-26

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from Union Construction And Investment (UCI). 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 Statement of Comprehensive Income, 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 Investment 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 loss reached (366,521) USD, compared with a net profit before taxes of 2,921,590 USD from the first nine months of 2010, a net decrease of 112.5%. Total assets of the company have reached 51,159,478 USD as of September 30th, 2011, compared to total assets of 50,233,176 USD as of December 31st, 2010, a net increase of 1.8%. Total liabilities of the company have reached 3,659,089 USD as of September 30th, 2011, compared to total liabilities of 2,148,521 USD as of December 31st, 2010, a net increase of 70.3%. Net ownership equity of the company has reached 47,500,389 USD (including 233,597 USD in minority rights) as of September 30th, 2011, compared with a net ownership equity of 48,084,655 USD (including 266,311 USD in minority rights) as of December 31st, 2010, a net decrease of 1.2% in the last nine months.