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2012-02-15
The Palestine Exchange (PEX) received unaudited year-end preliminary financial statements from
The Arab Hotels Company (
AHC). The PEX disclosure rules in place give all of PEX listed companies a period of 45 days to report their preliminary annual financial statements reviewed by the company’s internal auditor. This disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in addition to this press release.
The disclosed information includes:
1) A copy of the year-end preliminary financial statements signed by the Chairman, General Manager, and CFO of the company. The disclosed information includes: The Balance Sheet,
the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows, and notes to the interim financial statements (
28 notes).
2) The company attached with the disclosure “the summary of year-end preliminary financial statements” form for PEX, and it include: basic information about the company, the date for the convening of the annual ordinary General Assembly meeting, the date of publication of the annual report, the distribution plan for the annual report, in addition to a summary of preliminary results for the year 2011 compared with the audited results of 2010.
3) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the
Service Sector.
4) A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.
According to company data for year-end preliminary financial statements for year 2011, net
loss reached (1,904,564)
JOD, compared with a net
loss of (112,331)
JOD in the audited data for 2010, a net
increase in loss of 1595.5%. Total assets of the company reached 33,243,626
JOD as of December 31st,
2011, compared to total assets of 34,836,498
JOD as of December 31st, 2010, a net
decrease of
4.6%. Total liabilities of the company reached 12,054,228
JOD as of December 31st,
2011, compared to total liabilities of 11,780,980
JOD as of December 31st, 2010, a net
increase of
2.3%. Net ownership equity of the company reached 21,189,398
JOD as of December 31st,
2011, compared with a net ownership equity of 23,055,518
JOD as of December 31st, 2010, a net
decrease of
8.1%.
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