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Arab Hotels realizes a loss of JD0.43 million in Q1 2012

2012-05-02

The Palestine Exchange (PEX) received the unaudited interim condensed financial statements from The Arab Hotels Company ( AHC). PEX disclosure rules give all PEX listed companies one month to report their first quarter interim financial statements as reviewed by the company’s internal auditor. In addition to this press release, this disclosure was published on the PEX website (www.pex.ps) and emailed to PEX member securities firms.

The disclosed information includes: the Statement of Financial Position, the Statement of Comprehensive Income, and Changes in Equity Ownership, the Statement of Cash Flows and Notes to the interim financial statements ( 29 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 three months of the year.

According to company data for the first three months of the year, net loss reached (430,054) JOD, compared with a net loss of (856,431) JOD from the first three months of 2011, a net decrease in loss of 49.8%. Total assets of the company reached 33,054,627 JOD as of March 30th, 2012, compared to total assets of 33,230,165 JOD as of December 31st, 2011, a net decrease of 0.5%. Total liabilities of the company reached 12,364,095 JOD as of March 30th, 2012, compared to total liabilities of 12,109,579 JOD as of December 31st, 2011, a net increase of 2.1%. Net ownership equity of the company reached 20,690,532 JOD as of March 30th, 2012, compared with net ownership equity of 21,120,586 JOD as of December 31^st, 2011, a net decrease of 2.0% in the first three months.