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The Palestinian Company for Distribution & Logistics Services (WASSEL) realizes a net loss of JD0.07 million; down by 91.6% in the first nine months of 2012

2012-11-04

The Palestine Exchange (PEX) received the reviewed interim consolidated condensed financial statements from Palestinian Distribution & Logistics Services Company ( WASSEL). 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 independent auditor’s 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 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 (73,591) JOD, compared with a net loss of (879,578) JOD from the first nine months of 2011, a net decrease in loss of 91.6%. Total assets of the company reached 13,389,220 JOD as of September 30^th, 2012, compared to total assets of 11,507,129 JOD as of December 31^st, 2011, a net increase of 16.4%. Total liabilities of the company reached 7,510,812 JOD as of September 30^th, 2012, compared to total liabilities of 6,954,188 JOD as of December 31^st, 2011, a net increase of 8.0%. Net ownership equity of the company reached 5,878,408 JOD (including 1,337,313 JOD in Minority Rights) as of September 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 29.1% in the last nine months.

Within the conclusion in the Independent Auditors’ Review Report ( Ernst & Young), the following opinion was conveyed: Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated condensed financial statements are not prepared, in all material respects, in accordance with with International Accounting Standard No. (34) .