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AL-Wataniah Towers Company earns a pretax income of $0.13 million in the first half of 2011

2011-08-02

The Palestine Exchange (PEX) received reviewed interim condensed financial statements from Al-Wataniah Towers ( ABRAJ). 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.                                                 

ABRAJ is the third listed company to disclose its interim financial statements for the first half of 2011.

The disclosed information includes: 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 and Notes to the interim financial statements ( 7 notes). 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 have affected financial performance during the first half of the year. Their disclosure also includes information in consultants, trading activities, and a variety of financial ratios for the current interim period.

According to company data for the first half of this year, net profit before taxes reached 134,401 USD, compared with a net profit before taxes of 99,634 USD from the first half of 2010, a net increase of 34.9%. Total assets of the company have reached 11,773,511 USD as of June 30th, YEAR, compared to total assets of 11,563,253 USD as of December 31st, 2010, a net increase of 1.8%. Total liabilities of the company have reached 385,752 USD as of June 30, 2011, compared to total liabilities of 297,478 USD as of December 31st, 2010, a net increase of 29.7%. Net ownership equity of the company has reached 11,387,759 USD as of June 30th, 2011, compared with a net ownership equity of 11,265,775 USD As of December 31^st, 2010, a net increase of 1.1% in the last six months.

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