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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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