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Palestine Telecommunications PALTEL earns a pretax income of JD52.03million in 1H 2012

2012-08-02

The Palestine Exchange (PEX) received the reviewed interim consolidated financial statements from Palestine Telecommunications Company ( PALTEL). 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: The Board of Directors Report, 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 ( 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 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 52,524,000 JOD, compared with a net profit before taxes of 52,291,000 JOD from the first six months of 2011, a net increase of 0.4%. Total assets of the company reached 577,323,000 JOD as of June 30^th, 2012, compared to total assets of 574,842,000 JOD as of December 31^st, 2011, a net increase of 0.4%. Total liabilities of the company reached 163,372,000 JOD as of June 30^th, 2012, compared to total liabilities of 146,112,000 JOD as of December 31^st, 2011, a net increase of 11.8%. Net ownership equity of the company reached 413,951,000 JOD as of June 30^th, 2012, compared with a net ownership equity of 428,730,000 JOD as of December 31^st, 2011, a net decrease of 3.4% in the last six months. All figures in the financial statements appeared in thousands of JOD.