send to a friend by email

Arab Hotels realizes a loss of JD0.37 million in H1 2012

2012-08-13

The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from The Arab Hotels Company ( AHC). 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 ( 23 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 (366,631) JOD, compared with a net loss of (1,712,807) JOD from the first six months of 2011, a net decrease in loss of 78.6%. Total assets of the company reached 33,290,162 JOD as of June 30^th, 2012, compared to total assets of 33,230,165 JOD as of December 31^st, 2011, a net increase of 0.2%. Total liabilities of the company reached 12,536,207 JOD as of June 30^th, 2012, compared to total liabilities of 12,109,579 JOD as of December 31^st, 2011, a net increase of 3.5%. Net ownership equity of the company reached 20,753,955 JOD as of June 30^th, 2012, compared with a net ownership equity of 21,120,586 JOD as of December 31^st, 2011, a net decrease of 1.7% in the last six months.