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Globalcom Telecommunications (GCOM) earns a net loss of $ 0.67 million in 1H of 2011

2011-08-16

The Palestine Exchange (PEX) received reviewed interim condensed financial statements from Globalcom Telecommunications (GCOM). 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 Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements (21 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 (675,818) USD, compared with a net loss of (733,074) USD from the first half of 2010, a net decrease in loss of 7.8%. Total assets of the company have reached 7,847,297 USD as of June 30th, 2011, compared to total assets of 7,995,907 USD as of December 31st, 2010, a net decrease of 1.9%. Total liabilities of the company have reached 974,819 USD as of June 30, 2011, compared to total liabilities of 447,611 USD as of December 31st, 2010, a net increase of 117.8%. Net ownership equity of the company has reached 6,872,478 USD as of June 30th, 2011, compared with a net ownership equity of 7,548,296 USD as of December 31st, 2010, a net decrease of 9.0% in the last six months.

Within the conclusion in the Independent Auditors’ Review Report (Talal Abu-Ghazzaleh), 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 respects, presented in accordance with International Accounting Standard No. (34) . Additional paragraphs were included, “Emphasis of Matters”, regarding three issues.