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Wataniya Palestine Mobile Telecommunications reduces losses for the year of 2012 by 9.0%

2013-02-13

The Palestine Exchange (PEX) received the annual report of Wataniya Palestine Mobile Telecommunications Company ( WATANIYA). It includes audited financial statement for the fiscal year 2012. The PEX disclosure rules in place give all of PEX listed companies a period of 3 months from the date of the end of the fiscal year of the company to report their annual financial statements audited by the companies’ independent external auditor. This disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in addition to this press release.

WATANIYA is the second listed company & the first company within the Service Sector to disclose its annual report for the year 2012.

WATANIYA disclosed its audited financial statements before the end of the statutory period to disclose the unaudited year-end preliminary financial statement.

   The disclosed information includes:

1)    Summary of the Year-End Financial Statement Form for PEX.   

2) The company also provided its annual report via the approved electronic form of disclosure applicable to the Service Sector.

3) A Press Release was issued by the company about this disclosure.

In addition to the non-financial data, the annual report included financial statements for the fiscal year 2012, which included: an Independent Auditors’ Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows, and notes to the financial statements ( 26 notes).

Within the conclusion in the Independent Auditors’ Report ( Ernst & Young), the following was conveyed: In our opinion, the financial statements present fairly, in all material respects, the financial position of Wataniya Palestine Mobile Telecommunications P. L. C. as of December, 2012 and its financial performance and its cash flow for the year then ended in conformity with International Financial Reporting Standards.

According to the audited financial statements for year 2012, net loss reached (23,826,190) USD, compared with a net loss of (26,179,253) USD in 2011, a net decrease in loss of 9.0%. Total assets of the company reached 239,648,218 USD as of December 31st, 2012, compared to total assets of 288,454,186 USD as of December 31^st, 2011, a net increase of 1.8%. Total liabilities of the company reached 180,957,337 USD as of December 31st, 2012, compared to total liabilities of 151,937,115 USD as of December 31^st, 2011, a net increase of 19.1%. Net ownership equity of the company reached 112,690,881 USD as of December 31st, 2012, compared with a net ownership equity of 136,517,071 USD as of December 31^st, 2011, a net decrease of 17.5%.