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Palestine Telecommunications earns pretax income of JD101.01 million in the year of 2011

2012-02-12

The Palestine Exchange (PEX) received consolidated unaudited year-end preliminary financial statements from Palestine Telecommunications Company ( PALTEL). The PEX disclosure rules in place give all of PEX listed companies a period of 45 days to report their preliminary annual financial statements reviewed by the company’s internal 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.

PALTEL is the fourth listed company, and the first company within the Service Sector to disclose its year-end preliminary financial statements for the year 2011.

The disclosed information includes:       
1) A copy of the year-end financial statements audited by the internal auditor, and signed by the CEO and CFO of the company. The disclosed information includes: The Balance Sheet, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows, and Report of the Board of Directors. Notes to the financial statements were not included

2) The company attached with the disclosure “the summary of year-end preliminary financial statements” form for PEX, and it include: basic information about the company, the date for the convening of the annual ordinary General Assembly meeting, the date of publication of the annual report, the distribution plan for the annual report, in addition to a summary of preliminary results for the year 2011 compared with the audited results of 2010.

3) The company also provided its interim financial statements via the approved electronic form of disclosure applicable to the Service Sector.

4) A copy of this disclosure was sent to the Palestinian Capital Market Authority (PCMA) simultaneously.

According to company data for year-end preliminary financial statements for year 2011, net profit before taxes reached 101,010,000 JOD, compared with a net profit before taxes of 90,491,000 JOD in the audited data for 2010, a net increase of 11.6%. Total assets of the company reached 574,842,000 JOD as of December 31st, 2011, compared to total assets of 551,261,000 JOD as of December 31^st, 2010, a net increase of 4.3%. Total liabilities of the company reached 146,112,000 JOD as of December 31st, 2011, compared to total liabilities of 159,887,000 JOD as of December 31^st, 2010, a net decrease of 8.6%. Net ownership equity of the company reached 428,730,000 JOD as of December 31st, 2011, compared with a net ownership equity of 391,374,000 JOD as of December 31^st, 2010, a net increase of 9.5%.