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The Palestine Exchange (PEX) received the annual report of Palestine Securities Exchange Company (PSE). It includes audited 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.
PSE is the third listed company & the first company within the Banking & Financial Services Sector to disclose its annual report for the year 2012.
In addition to the non-financial data, the annual report included financial statements for the fiscal year 2012, which included: an Independent Auditors’ Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows, and notes to the financial statements ( 25 notes). The company also provided its annual report via the approved electronic form of disclosure applicable to the Banking & Financial Services 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 Palestine Securities Exchange as of December, 2012 and its financial performance and its cash flow for the year then ended in conformity with International Financial Reporting Standards.
According to the audited financial statements for year 2012, net loss reached (701,201) USD, compared with a net loss of (266,275) USD in 2011, a net increase in loss 163.3%. Total assets of the company reached 11,723,148 USD as of December 31st, 2012, compared to total assets of 12,658,010 USD as of December 31st, 2011, a net decrease of 7.4%. Total liabilities of the company reached 1,487,110 USD as of December 31st, 2012, compared to total liabilities of 1,526,332 USD as of December 31st, 2011, a net decrease of 2.6%. Net ownership equity of the company reached 10,236,038 USD as of December 31st, 2012, compared with a net ownership equity of 11,131,678 USD as of December 31st, 2011, a net decrease of 8.0%.
PSE stated that there were no differences between accompanying audited financial statements and the preliminary unaudited financial statements disclosed previously for the same period.
