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Wataniya Palestine Mobile Telecommunications realizes a loss of $24.97 million in the first nine months of 2011

2011-10-26

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Wataniya Palestine Mobile Telecommunications (WATANIYA). The PEX disclosure rules in place give all of the PEX listed companies a period of one month to report their third quarter interim financial statements as reviewed by the company’s internal 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: the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows, and a summary of financial performance for the period. Notes to the interim financial statements were also provided (9 notes), as well as an English press release regarding their financial performance. The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service Sector. The interim report should also include information required by Article (37/2) of the PEX disclosure rules in place. The company included information regarding management, issued shares, material changes and significant events that may have affected financial performances during the first nine months of the year.

According to company data for the first nine months of the year, net loss reached (24,974,934) USD, compared with a net loss of (43,548,332) USD from the first nine months of 2010, a net decrease in loss of 42.7%. Total assets of the company have reached 291,983,092 USD as of September 30th, 2011, compared to total assets of 351,806,108 USD as of December 31st, 2010, a net decrease of 17.0%. Total liabilities of the company have reached 154,261,702 USD as of September 30th, 2011, compared to total liabilities of 189,109,784 USD as of December 31st, 2010, a net decrease of 18.4%. Net ownership equity of the company has reached 137,721,390 USD as of September 30th, 2011, compared with a net ownership equity of 162,696,324 USD as of December 31st, 2010, a net decrease of 15.4% in the last nine months.