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Globalcom Telecommunications (GCOM) realizes a loss of $0.64 million in H1 2012

2012-08-05

The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from Globalcom Telecommunications Company ( GCOM). 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 Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 19 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 loss reached (638,075) USD, compared with a net loss of (675,818) USD from the first six months of 2011, a net decrease in loss of 5.6%. Total assets of the company reached 6,080,338 USD as of June 30^th, 2012, compared to total assets of 6,631,182 USD as of December 31^st, 2011, a net decrease of 8.3%. Total liabilities of the company reached 484,753 USD as of June 30^th, 2012, compared to total liabilities of 367,437 USD as of December 31^st, 2011, a net increase of 31.9%. Net ownership equity of the company reached 5,595,585 USD as of June 30^th, 2012, compared with a net ownership equity of 6,263,745 USD as of December 31^st, 2011, a net decrease of 10.7% in the last six months.

Within an untitled paragraph before the “conclusion” paragraph in the Independent Auditors’ Report ( Talal Abu-Ghazzaleh), qualifications were made regarding one issue. Within the conclusion paragraph, the following opinion was conveyed: In our opinion, with the exception of the impact of the basis of qualification paragraph, the financial statements present fairly, in all material respects, the financial position of Globalcom Telecommunications P. L. C. as of June 30^th, 2012 and its financial performance and its cash flow for the period from January 1^st, 2012 to June 30^th, 2012 in conformity with International Financial Reporting Standards. The Auditor also stated other Matters at the end of the report.