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Arab Hotels realizes a loss of JD1.71 million in the first half of 2011


The Palestine Exchange (PEX) received reviewed interim financial statements from The Arab Hotels (AHC). 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 ( and emailed to PEX member securities firms in conjunction with this press release.

The disclosed information includes: Independent Accountants" Review Report, the Statement of Financial Position, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements (27 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.

According to company data for the first half of this year, net loss reached (1,712,807) JOD, compared with a net loss of (156,933) JOD from the first half of 2010, a net increase in loss of 991.4%. Total assets of the company have reached 32,959,249 JOD as of June 30th, 2011, compared to total assets of 34,836,498 JOD as of December 31st, 2010, a net decrease of 5.4%. Total liabilities of the company have reached 11,646,083 JOD as of June 30, 2011, compared to total liabilities of 11,780,980 JOD as of December 31st, 2010, a net decrease of 1.1%. Net ownership equity of the company has reached 21,313,166 JOD as of June 30th, 2011, compared with a net ownership equity of 23,055,518 JOD as of December 31st, 2010, a net decrease of 7.6% in the last six months.

Within the conclusion in the Independent Auditors’ Review Report (Saba & Co.), the following was conveyed: Based on our limited review, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with International Accounting Standard No. (34) . An additional paragraph, “Emphasis of a Matter”, was included after the conclusion paragraph and mentioned the working capital deficit the company currently has, as explained in note #26.


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