The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from Jerusalem Real Estate Investment Company ( JREI). PEX disclosure rules give all PEX listed companies 45 days to report their first half interim financial statements as reviewed by their 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.
The disclosed information includes: the Independent Accountants' Review Report, the Statement of Financial Position, a Statement of Income & Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 19 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Investment Sector. The interim report also should include information required by Article (38/2) 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 half of the year.
Within the conclusion in the Independent Auditors' Review Report ( Saba & Co.), the following opinion was conveyed: Based on our 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 Jerusalem Real Estate Investment Company as of June 30, 2013 and its financial performance, and cash flows for the six month period then ended in accordance with International Accounting Standard No. (34).
According to company data for the first six months of the year, net loss reached (1,189,299) USD, compared with a net loss of (82,603) USD from the first six months of 2012, a net increase in loss of 1339.8%. Total assets of the company reached 15,297,835 USD as of June 30th, 2013, compared to total assets of 16,479,245 USD as of December 31st, 2012, a net decrease of 7.2%. Total liabilities of the company reached 6,136,164 USD as of June 30th, 2013, compared to total liabilities of 5,982,981 USD as of December 31st, 2012, a net increase of 2.6%. Net ownership equity of the company reached 9,161,671 USD as of June 30th, 2013, compared with a net ownership equity of 10,496,264 USD as of December 31st, 2012, a net decrease of 12.7% in the last six months.
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© Press Release 2013
