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Globalcom Telecommunications (GCOM) realizes a loss of $0.86 million in the first nine months of 2012

2012-10-30

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from Globalcom Telecommunications Company ( GCOM). 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, a Statement of Income & 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 (865,042) USD, compared with a net loss of (964,659) USD from the first nine months of 2011, a net decrease in loss of 10.3%. Total assets of the company reached 5,734,858 USD as of September 30^th, 2012, compared to total assets of 6,631,182 USD as of December 31^st, 2011, a net decrease of 13.5%. Total liabilities of the company reached 366,240 USD as of September 30^th, 2012, compared to total liabilities of 367,437 USD as of December 31^st, 2011, a net decrease of 0.3%. Net ownership equity of the company reached 5,368,618 USD as of September 30^th, 2012, compared with a net ownership equity of 6,263,745 USD as of December 31^st, 2011, a net decrease of 14.3% in the first nine months. Furthermore, paid-in capital decreased from 9,762,021 USD  on December 31^st, 2011 to 5,595,585 USD  by September 30^th, 2012, a decrease of 42.7%.