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Wataniya Palestine Mobile Telecommunications realizes a loss of $6.32 million in Q1 2012

2012-05-02

The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from Wataniya Palestine Mobile Telecommunications Company ( WATANIYA). PEX disclosure rules give all PEX listed companies one month to report their first quarter interim financial statements as reviewed by the company’s internal auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.

The disclosed information includes: the independent external auditor’s review report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, and 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 three months of the year.

According to company data for the first three months of the year, net loss reached (6,325,167) USD, compared with a net loss of (7,142,285) USD from the first three months of 2011, a net decrease in loss of 11.4%. Total assets of the company reached 289,516,806 USD as of March 31^st, 2012, compared to total assets of 288,454,186 USD as of December 31^st, 2011, a net increase of 0.4%. Total liabilities of the company reached 159,324,902 USD as of March 31^st, 2012, compared to total liabilities of 151,937,115 USD as of December 31^st, 2011, a net increase of 4.9%. Net ownership equity of the company reached 130,191,904 USD as of March 31^st, 2012, compared with a net ownership equity of 136,517,071 USD as of December 31^st, 2011, a net decrease of 4.6% in the first three months.

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 condensed accompanying financial statements are not, in all material aspects, presented in accordance with International Accounting Standard No. 34".