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The Palestinian Company for Distribution & Logistics Services (WASSEL) realizes a net loss of JD 0.88 million in the first nine months of 2011

2011-11-01

The Palestine Exchange (PEX) received the reviewed interim consolidated condensed financial statements from Palestinian Distribution & Logistics Services ( WASSEL). The PEX disclosure rules in place give all of the PEX listed companies a period of one month to report their third quarter interim financial statements as reviewed by the company’s internal auditor. Their disclosure has been published on the PEX website (www.pex.ps) and emailed to PEX member securities firms in conjunction with this press release.

The disclosed information includes: the independent auditor’s review report, the Statement of Financial Position, a Statement of Income & Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 10 notes). 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 before taxes reached (879,578) JOD, compared with a net profit before taxes of 299,785 JOD from the first nine months of 2010. Total assets of the company have reached 11,428,541 JOD as of September 30th, 2011, compared to total assets of 11,785,267 JOD as of December 31st, 2010, a net decrease of 3.0%. Total liabilities of the company have reached 5,832,422 JOD as of September 30th, 2011, compared to total liabilities of 5,245,901 JOD as of December 31st, 2010, a net increase of 11.2%. Net ownership equity of the company has reached 5,596,119 JOD (including (54,061) JOD in Minority Rights) as of September 30th, 2011, compared with a net ownership equity of 6,539,366 JOD (including 45,968 JOD in Minority Rights) as of December 31^st, 2010, a net decrease of 14.4% in the last nine months.