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Ramallah Summer Resorts (RSR) realizes a loss of JD 60 thousand in the first nine months of 2011

2011-10-31

The Palestine Exchange (PEX) received the unaudited interim consolidated condensed financial statements from The Ramallah Summer Resorts ( RSR). 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. Notes to the interim financial statements were not provided. 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 (59,859) JOD, compared with a net loss of (2,137) JOD from the first nine months of 2010, a net increase in loss by 2,701.1%. Total assets of the company have reached 12,601,567 JOD as of September 30th, 2011, compared to total assets of 12,253,477 JOD as of December 31st, 2010, a net increase of 2.8%. Total liabilities of the company have reached 4,250,407 JOD as of September 30th, 2011, compared to total liabilities of 3,727,330 JOD as of December 31st, 2010, a net increase of 14.0%. Net ownership equity of the company has reached 8,351,160 JOD as of September 30th, 2011, compared with a net ownership equity of 8,526,147 JOD as of December 31^st, 2010, a net decrease of 2.1% in the last nine months. Furthermore, paid-in capital increased from 2,889,007 JOD  on December 31^st, 2010 to 3,000,000 JOD  by September 30^th, 2011, an increase of 3.8%.