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Globalcom Telecommunications (GCOM) earns a net loss of $ 0.96 million in the first nine months of 2011

2011-10-31

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Globalcom Telecommunications ( GCOM). 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 Cash Flows, and a statement of changes in ownership equity. 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 (964,659) USD, compared with a net loss of (1,004,137) USD from the first nine months of 2010, a net decrease in loss of 3.9%. Total assets of the company have reached 6,980,567 USD as of September 30th, 2011, compared to total assets of 7,995,907 USD as of December 31st, 2010, a net decrease of 12.7%. Total liabilities of the company have reached 396,930 USD as of September 30th, 2011, compared to total liabilities of 447,611 USD as of December 31st, 2010, a net decrease of 11.3%. Net ownership equity of the company has reached 6,583,637 USD as of September 30th, 2011, compared with a net ownership equity of 7,548,296 USD as of December 31st, 2010, a net decrease of 12.8% in the last nine months.

 

 

 

 


 

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