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Palestine Telecommunications earns a pretax income of JD52.29 million in the first half of 2011

2011-07-26

The Palestine Exchange (PEX) received reviewed interim consolidated financial statements from Palestine Telecommunications ( PALTEL). The PEX disclosure rules in place give all of the PEX listed companies a period of 45 days to report their first half interim financial statements as reviewed by their independent external auditor. Their disclosure has been published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in conjunction with this press release.

 PALTEL is the second listed company and the first company within the Service Sector to disclose its interim financial statements for the first half of 2011.

The disclosed information includes: The Board of Directors Report, the Independent Accountants" Review Report, 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 interim financial statements ( 12 notes), and the company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service Sector. The interim report also includes the additional information required by Article (38/2) of the PEX disclosure rules in place concerning management, issued shares, material changes and significant events that may affect financial performance in the first half of the year.

According to company data for the first half of this year, net profit before taxes reached 52,291,000 JOD compared with a net profit before taxes of 41,531,000 JOD from the first half of 2010, a net increase of 25.9%. Total assets of the company have reached 540,490,000 JOD as of 6/30/2011, compared to total assets of 551,261,000 JOD as of 12/31/2010, a net decrease of 2.0%. Total liabilities of the company have reached 154,151,000 JOD as of 6/30/2011, compared to total liabilities of 159,887,000 JOD as of 12/31/2010, a net decrease of 3.6%. Net Ownership Equity of the company has reached 386,339,000 JOD as of 6/30/2011, compared with a Net Ownership Equity of 391,374,000 JOD as of 12/31/2010, a net decrease of 1.3% in the last six months. All figures in the financial statements appeared in thousands of JOD.

Within the "Conclusion" in the Independent Auditors’ Review Report (Ernst & Young), the following was opinion was conveyed: Based on our limited review, nothing has come to our attention that causes us to believe that the interim consolidated condensed accompanying financial statements are not, in all material aspects, presented in accordance with International Accounting Standard No. 34".