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Grand Park Hotel & Resorts Company HOTEL achieved a net loss of USD0.18 million in H1 2012

2012-08-16

The Palestine Exchange (PEX) received the reviewed interim condensed financial statements from Grand Park Hotel & Resorts Company ( HOTEL). 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 ( 11 notes). 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 (179,636) USD, compared with a net loss of (459,986) USD from the first six months of 2011, a net decrease in loss of 60.9%. Total assets of the company reached 13,547,619 USD as of June 30th, 2012, compared to total assets of 9,454,603 USD as of December 31st, 2011, a net increase of 43.3%. Total liabilities of the company reached 9,323,113 USD as of June 30th, 2012, compared to total liabilities of 5,550,461 USD as of December 31st, 2011, a net increase of 68.0%. Net ownership equity of the company reached 4,224,506 USD as of June 30th, 2012, compared with a net ownership equity of 3,904,142 USD as of December 31st, 2011, a net increase of 8.2% in the last six months. Furthermore, paid-in capital decreased from 5,641,749 USD on December 31st, 2011 to 3,500,000 USD by June 30th, 2012, an decrease of 38.0%.

HOTEL has been suspended from trading since 2003.

 

 

 


 

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