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AL-Wataniah Towers Company achieved a net profit of $0.10 million in 1H 2012

2012-07-31

The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from Al-Wataniah Towers Company ( ABRAJ). PEX disclosure rules give all PEX listed companies 45 days to report their first half interim financial statements as reviewed by their independent external 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: an Independent Auditors’ Review Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 9 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service Sector. The interim report also should include information required by Article (38/2) 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 half of the year.

According to company data for the first six months of the year, net profit before taxes reached 97,395 USD, compared with a net profit before taxes of 134,401 USD from the first six months of 2011, a net decrease of 27.5%. Total assets of the company reached 12,244,715 USD as of June 30^th, 2012, compared to total assets of 12,094,002 USD as of December 31^st, 2011, a net increase of 1.2%. Total liabilities of the company reached 343,544 USD as of June 30^th, 2012, compared to total liabilities of 300,319 USD as of December 31^st, 2011, a net increase of 14.4%. Net ownership equity of the company reached 11,901,171 USD as of June 30^th, 2012, compared with a net ownership equity of 11,793,683 USD as of December 31^st, 2011, a net increase of 0.9% in the last six months. Furthermore, paid-in capital increased from 10,000,000 USD on December 31^st, 2011 to 11,000,000 USD  by June 30^th, 2012, an increase of 10.0%.

Within the opinion paragraph of the Independent Auditors’ Review Report ( Ernst & Young), the following opinion was conveyed: Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial statements are not prepared, in all material respects, in accordance with International Accounting Standard No. (34) .

The disclosed information includes: an Independent Auditors’ Review Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 9 notes). The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service Sector. The interim report also should include information required by Article (38/2) 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 half of the year.

According to company data for the first six months of the year, net profit before taxes reached 97,395 USD, compared with a net profit before taxes of 134,401 USD from the first six months of 2011, a net decrease of 27.5%. Total assets of the company reached 12,244,715 USD as of June 30^th, 2012, compared to total assets of 12,094,002 USD as of December 31^st, 2011, a net increase of 1.2%. Total liabilities of the company reached 343,544 USD as of June 30^th, 2012, compared to total liabilities of 300,319 USD as of December 31^st, 2011, a net increase of 14.4%. Net ownership equity of the company reached 11,901,171 USD as of June 30^th, 2012, compared with a net ownership equity of 11,793,683 USD as of December 31^st, 2011, a net increase of 0.9% in the last six months. Furthermore, paid-in capital increased from 10,000,000 USD on December 31^st, 2011 to 11,000,000 USD  by June 30^th, 2012, an increase of 10.0%.