The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Jerusalem Real Estate Investment Company ( JREI). PEX disclosure rules give all PEX listed companies one month to report their first quarter interim financial statements as reviewed by the company's internal 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:
1) A copy of the interim financial statements. The disclosed statements includes: The Statement of Financial Position, the Statement of Comprehensive Income, the Statement of Changes in Equity, the Statement of Cash Flows. Notes to the financial statements were not included.
2) 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 three months of the year.
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 the first three months of the year, net loss reached (647,519) USD, compared with a net profit before tax of 35,659 USD from the first three months of 2012. Total assets of the company reached 16,288,486 USD as of March 31st, 2013, compared to total assets of 16,479,245 USD as of December 31st, 2012, a net decrease of 1.2%. Total liabilities of the company reached 6,285,293 USD as of March 31st, 2013, compared to total liabilities of 5,982,981 USD as of December 31st, 2012, a net increase of 5.1%. Net ownership equity of the company reached 10,003,193 USD as of March 31st, 2013, compared with a net ownership equity of 10,496,264 USD as of December 31st, 2012, a net decrease of 4.7% in the first three months.
© Press Release 2013
