The Palestine Exchange (PEX) received the annual report of Palestine Real Estate Investment Company ( PRICO). It includes audited consolidated financial statement for the fiscal year 2012. PEX disclosure rules give all PEX listed companies three months from the date of the end of the company's fiscal year to report their annual financial statements audited by the companies' independent external auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.
In addition to the non-financial data, the annual report included audited financial statements for the fiscal year 2012, which included: The Independent Auditors' Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, the Statement of Changes in Equity, the Statement of Cash Flows, and notes to the financial statements (42 notes). The company also provided its financials via the approved electronic form of disclosure applicable to the Investment Sector.
Within the conclusion in the Independent Auditors' Report ( Ernst & Young), the following was conveyed: In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2012 and its financial performance and its cash flows for the year then ended in conformity with International Financial Reporting Standards.
According to the audited financial statements for year 2012, net loss reached (1,348,407) JOD, compared with a net profit after tax of 4,157,035 JOD in 2011. Total assets of the company reached 113,666,844 JOD as of December 31st, 2012, compared to total assets of 96,472,866 JOD as of December 31st, 2011, a net increase of 17.8%. Total liabilities of the company reached 33,192,036 JOD as of December 31st, 2012, compared to total liabilities of 29,541,637 JOD as of December 31st, 2011, a net increase of 12.4%. Net ownership equity of the company reached 80,474,808 JOD (including 1,691,385 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 31st, 2011, a net increase of 20.2%. Furthermore, paid-in capital increased from 48,575,974 JOD on December 31st, 2011 to 63,762,486 JOD by December 31st, 2012, an increase of 31.3%.
© Press Release 2013
