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WASSEL realizes net loss of $0.84 million in 9M 2014

2014-11-02

According to Palestinian Distribution & Logistics Services Company WASSEL’s consolidated data for the first nine months of the year, net loss reached (839,092) USD, compared with a net profit after taxes of 38,520 USD from the first nine months of 2013. Total assets of the company reached 17,368,744 USD as of September 30^th, 2014, compared to total assets of 17,791,110 USD as of December 31^st, 2013, a net decrease of 2.4%. Total liabilities of the company reached 11,780,918 USD as of September 30^th, 2014, compared to total liabilities of 11,088,494 USD as of December 31^st, 2013, a net increase of 6.2%. Net ownership equity of the company reached 5,587,826 USD (including 1,439,655 USD in Non-controlling interest) as of September 30^th, 2014, compared with a net ownership equity of 6,702,616 USD (including 1,453,416 USD in Non-controlling interest) as of December 31^st, 2013, a net decrease of 16.6% in the first nine months. Furthermore, paid-in capital decreased from 9,167,842 USD on December 31^st, 2013 to 6,500,000 USD by September 30^th, 2014, a decrease of 29.1%. WASSEL has been suspended from trading since August 6^th, 2014 after the decision of the Company"s Extraordinary Assembly of decreasing the company"s capital on August 5^th, 2014.