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Palestine Real Estate Investment earns a net loss before taxes of JD0.34 million in 2012

2013-02-17

The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from Palestine Real Estate Investment Company ( PRICO). The PEX disclosure rules in place give all of PEX listed companies a period of 45 days to report their preliminary annual financial statements reviewed by the company’s internal auditor. This disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in addition to this press release.

The disclosed information includes:          

1) A copy of the year-end preliminary financial statements. The disclosed information includes: The Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows. Notes to the financial statements were not included.

2) The company attached with the disclosure “the summary of year-end preliminary financial statements” form for PEX, and it includes: basic information about the company, the date for the convening of the annual ordinary General Assembly meeting, the date of publication of the annual report, the distribution plan for the annual report, in addition to a summary of preliminary results for the year 2012 compared with the audited results of 2011.

3) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Investment Sector.

4) A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.

According to company data for year-end preliminary financial statements for year 2012, net loss before taxes reached (340,436) JOD, compared with a net profit before taxes of 4,951,945 JOD in the audited data for 2011. Total assets of the company reached 117,677,678 JOD as of December 31st, 2012, compared to total assets of 96,472,866 JOD as of December 31^st, 2011, a net increase of 22.0%. Total liabilities of the company reached 35,715,401 JOD as of December 31st, 2012, compared to total liabilities of 29,541,637 JOD as of December 31^st, 2011, a net increase of 20.9%. Net ownership equity of the company reached 81,962,277 JOD (including 1,602,889 JOD in Non-controlling interest) as of December 31st, 2012, compared with a net ownership equity of 66,931,229 JOD (including 2,281,440 JOD in Non-controlling interest) as of December 31^st, 2011, a net increase of 22.5%. Furthermore, paid-in capital increased from 48,575,974 JOD on December 31^st, 2011 to 63,762,486 JOD by December 31^st, 2012, an increase of 31.3%.