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Ramallah Summer Resorts earns a pretax income of JD15 thousand in 1H 2011

2011-08-16

Palestine Exchange (PEX) received reviewed interim consolidated financial statements from The Ramallah Summer Resorts (RSR). 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.

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 (5 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 profit before taxes reached 15,495 JOD, compared with a net profit before taxes of 2,300 JOD from the first half of 2010, a net increase of 573.7%. Total assets of the company have reached 12,445,779 JOD as of June 30th, 2011, compared to total assets of 12,253,477 JOD as of December 31st, 2010, a net increase of 1.6%. Total liabilities of the company have reached 3,976,863 JOD as of June 30, 2011, compared to total liabilities of 3,727,330 JOD as of December 31st, 2010, a net increase of 6.7%. Net ownership equity of the company has reached 8,468,916 JOD as of June 30th, 2011, compared with a net ownership equity of 8,526,147 JOD as of December 31st, 2010, a net decrease of 0.7% in the last six months. Furthermore, paid in capital increased from 2,889,007 JOD as of December 31st, 2010, to 2,999,715 JOD as of June 30th, 2011, an increase of 3.8%.

Within the conclusion in the Independent Auditors’ Review Report (Maayah & Co.), the following was conveyed: Based on our limited review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not, in all material aspects, representing fairly the financial position of the The Ramallah Summer Resorts as of June 30, 2011 and its financial performance, and cash flows for the six month period then ended in accordance with International Accounting Standard No. (34).