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The Palestinian Company for Distribution & Logistics Services (WASSEL) realizes a pretax income of JD0.22 million in Q1 2012

2012-05-02

The Palestine Exchange (PEX) received the reviewed interim consolidated condensed financial statements from Palestinian Distribution & Logistics Services Company ( WASSEL). 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 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 ( 8 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 profit before taxes reached 222,112 JOD, compared with a net profit before taxes of 10,557 JOD from the first three months of 2011, a net increase of 2003.9%. Total assets of the company reached 12,405,821 JOD as of March 31^st, 2012, compared to total assets of 11,507,129 JOD as of December 31^st, 2011, a net increase of 7.8%. Total liabilities of the company reached 7,677,045 JOD as of March 31^st, 2012, compared to total liabilities of 6,954,188 JOD as of December 31^st, 2011, a net increase of 10.4%. Net ownership equity of the company reached 4,728,776 JOD (including (118,784) JOD in Minority Rights) as of March 31^st, 2012, compared with a net ownership equity of 4,552,941 JOD (including (117,018) JOD in Minority Rights) as of December 31^st, 2011, a net increase of 3.9% in the first three months.

Within the conclusion in the Independent Auditors’ Review Report ( Ernst & Young), the following was conveyed: Based on our limited review, nothing has come to our attention that causes us to believe that the accompanying interim consolidated financial statements are not, in all material respects, presented in accordance with International Accounting Standard No. (34) .