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Palestine Telecommunications earns pretax income of JD77.76 million in the first nine months of 2011

2011-10-30

The Palestine Exchange (PEX) received the reviewed interim consolidated condensed financial statements from Palestine Telecommunications (PALTEL). 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 independent external auditor’s 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 (12 notes). 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 profit before taxes reached 77,760,000 JOD, compared with a net profit before taxes of 69,044,000 JOD from the first nine months of 2010, a net increase of 12.6%. Total assets of the company have reached 567,226,000 JOD as of September 30th, 2011, compared to total assets of 551,261,000 JOD as of December 31st, 2010, a net increase of 2.9%. Total liabilities of the company have reached 157,459,000 JOD as of September 30th, 2011, compared to total liabilities of 159,887,000 JOD as of December 31st, 2010, a net decrease of 1.5%. Net ownership equity of the company has reached 409,767,000 JOD as of September 30th, 2011, compared with a net ownership equity of 391,374,000 JOD as of December 31st, 2010, a net increase of 4.7% in the last nine months. All figures in the financial statements appeared in thousands of JOD.

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