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PEC posts net income of $1.88 million at the end of 2014

2015-02-15

According to Palestine Electric Company PEC’s data for year-end preliminary financial statements for year 2014, net profit after tax reached 1,884,873 USD, compared with a net profit after tax of 4,561,995 USD in the audited data for 2013, a net decrease of 58.7%. Total assets of the company reached 103,532,855 USD as of December 31st , 2014, compared to total assets of 118,007,104 USD as of December 31st, 2013, a net decrease of 12.3%. Total liabilities of the company reached 25,528,635 USD as of December 31st , 2014, compared to total liabilities of 38,887,757 USD as of December 31st, 2013, a net decrease of 34.4%. Net ownership equity of the company reached 78,004,220 USD as of December 31st , 2014, compared with a net ownership equity of 79,119,347 USD as of December 31st , 2013, a net decrease of 1.4%