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2008-02-10
Palestine securities exchange received the preliminary revised financial statements from the internal auditors of Palestine Electric Company, as of December 31, 2007. This disclosure came within the applied disclosures system, which grants every listed company a month and a half as utmost period for disclosing the preliminary financial results of 2007.It is revealed by the in formations presented by the PEC that, it had been disclosed using the electronic reporting standard, and a signed paper copy of the internal audited preliminary financials was sent to be verified from the board of directors parallel with another copy that had been sent to the CMA and PSE. Also the annual report of the PEC will be published after the auditing in April, and the general assembly will be held in April, 21 of 2008. This preliminary financials were published on the PSE website as soon as it released by the PEC. PEC"s financial results pointed out to gross income of $ 5,355,802 to the year 2007 versus $7,403,808 in 2006. Total assets amounted $ 150,796,292 in 2007 after amounting $ 168,295,624 in the year 2006. It is also noticed that the total liabilities had dropped to amount $ 78,471,461 versus $ 95,326,595 in the same period of 2006. Shareholders" equity slightly dropped in 2007 to $ 72,324,831 after it had amounted $72,969,029 in 2006.
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