send to a friend by email

Grand Park Hotel & Resorts Company HOTEL achieved a net loss of USD0.42 million in the first nine months of 2012

2012-10-21

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Grand Park Hotel & Resorts Company ( HOTEL). PEX disclosure rules give all PEX listed companies one month to report their third quarter interim financial statements as reviewed by the company’s internal 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 Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, and the Statement of Cash Flows. The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service Sector. The interim report should also include information required by Article (37/2) 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 nine months of the year.

According to company data for the first nine months of the year, net loss reached (422,388) USD, compared with a net loss of (648,461) USD from the first nine months of 2011, a net decrease in loss of 34.9%. Total assets of the company reached 14,579,026 USD as of September 30^th, 2012, compared to total assets of 9,454,603 USD as of December 31^st, 2011, a net increase of 54.2%. Total liabilities of the company reached 9,597,270 USD as of September 30^th, 2012, compared to total liabilities of 5,550,461 USD as of December 31^st, 2011, a net increase of 72.9%. Net ownership equity of the company reached 4,981,756 USD as of September 30^th, 2012, compared with a net ownership equity of 3,904,142 USD as of December 31^st, 2011, a net increase of 27.6% in the first nine months. Furthermore, paid-in capital decreased from 5,641,749 USD on December 31^st, 2011 to 3,500,000 USD by September 30^th, 2012, decrease of 38.0%.

HOTEL has been suspended from trading since 2003.