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The Palestinian Company for Distribution & Logistics Services (WASSEL) realizes a net loss of JD29.48 thousand in H1 2012

2012-08-16

The Palestine Exchange (PEX) received the reviewed interim consolidated financial statements from Palestinian Distribution & Logistics Services Company ( WASSEL). 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, a Statement of Income & Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 8 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 before taxes reached (29,481) JOD, compared with a net loss before taxes of (653,649) JOD from the first six months of 2011, a net decrease in loss of 95.5%. Total assets of the company reached 13,867,924 JOD as of June 30^th, 2012, compared to total assets of 11,507,129 JOD as of December 31^st, 2011, a net increase of 20.5%. Total liabilities of the company reached 7,944,326 JOD as of June 30^th, 2012, compared to total liabilities of 6,954,188 JOD as of December 31^st, 2011, a net increase of 14.2%. Net ownership equity of the company reached 5,923,598 JOD (including 1,340,799 JOD in Minority Rights) as of June 30^th, 2012, compared with a net ownership equity of 4,552,941 JOD (including (117,018) JOD in Minority Rights) as of December 31^st, 2011, a net increase of 30.1% in the last six months.