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PEC posts net income of $1.35 million in 9M 2014

2014-11-02

According to Palestine Electric Company PEC’s consolidated data for the first nine months of the year, net profit after taxes reached 1,352,467 USD, compared with a net profit after taxes of 8,248,768 USD from the first nine months of 2013, a net decrease of 83.6%. Total assets of the company reached 105,057,122 USD as of September 30^th, 2014, compared to total assets of 118,007,104 USD as of December 31^st, 2013, a net decrease of 11.0%. Total liabilities of the company reached 27,585,308 USD as of September 30^th, 2014, compared to total liabilities of 38,887,757 USD as of December 31^st, 2013, a net decrease of 29.1%. Net ownership equity of the company reached 77,471,814 USD as of September 30^th, 2014, compared with a net ownership equity of 79,119,347 USD as of December 31^st, 2013, a net decrease of 2.1% in the first nine months. PEC has been suspended from trading since August 05,2014 after its generators were shelled by Israel.