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Wataniya Palestine Mobile Telecommunications realizes a loss of $26.18 million in the year of 2011

2012-02-13

The Palestine Exchange (PEX) received the annual report of Wataniya Palestine Mobile Telecommunications Company ( WATANIYA). It includes audited financial statement for the fiscal year 2011. The PEX disclosure rules in place give all of PEX listed companies a period of 3 months from the date of the end of the fiscal year of the company to report their annual financial statements audited by the companies’ independent external 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.

WATANIYA is the first listed company to disclose its annual report for the year 2011.WATANIYA disclosed its audited financial statements before the end of the statutory period to disclose the unaudited year-end preliminary financial statement.

The disclosed information includes:
1) Approval from the Capital Markets Authority to print & publish the annual report.

2) The company also provided its annual report via the approved electronic form of disclosure applicable to the Service Sector.

3) A Press Release was issued by the company about this disclosure.

In addition to the non-financial data, the annual report included financial statements for the fiscal year 2011, which included: an Independent Accountants" Review Report, the Statement of Financial Position, the Income Statement, the Statement of Comprehensive Income, Changes in Equity Ownership, the Statement of Cash Flows, and notes to the interim financial statements ( 27 notes).

Within the conclusion in the Independent Auditors’ Report ( Ernst & Young), the following was conveyed: In our opinion, the financial statements present fairly, in all material respects, the financial position of Wataniya Palestine Mobile Telecommunications P. L. C. as of December, 31/12/ 2011 and its financial performance and its cash flow for the year then ended in conformity with International Financial Reporting Standards.

According to the audited financial statements for year 2011, net loss reached (26,179,253) USD, compared with a net loss of (56,249,535) USD in the audited data for 2010, a net decrease in loss of 53.5%. Total assets of the company reached 288,454,186 USD as of December 31st, 2011, compared to total assets of 351,806,108 USD as of December 31^st, 2010, a net decrease of 18.0%. Total liabilities of the company reached 151,937,115 USD as of December 31st, 2011, compared to total liabilities of 189,109,784 USD as of December 31^st, 2010, a net decrease of 19.7%. Net ownership equity of the company reached 136,517,071 USD as of December 31st, 2011, compared with a net ownership equity of 162,696,324 USD as of December 31^st, 2010, a net decrease of 16.1%.