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Arab Hotels realizes a loss of JD0.66 million in the first nine months of 2012

2012-11-04

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from The Arab Hotels Company (AHC). 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 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 (664,590) JOD, compared with a net loss of (1,528,799) JOD from the first nine months of 2011, a net decrease in loss of 56.5%. Total assets of the company reached 32,298,414 JOD as of September 30th, 2012, compared to total assets of 32,632,853 JOD as of

December 31st, 2011, a net decrease of 1.0%. Total liabilities of the company reached 12,621,256 JOD as of September 30^th , 2012, compared to total liabilities of 12,158,207JOD as of December  31st, 2011, a net  increase of 3.8%. Net ownership equity of the company reached 19,677,158 JOD as of September 30th, 2012, compared with a net ownership equity of 20,474,646 JOD as of December 31st, 2011, a net decrease of 3.9%in the first nine months.