March 29th, 2012
The Palestine Exchange (PEX) received the annual report of The Ramallah Summer Resorts Company ( RSR). It includes audited consolidated financial statement for the fiscal year 2011. PEX disclosure rules give all PEX listed companies three months from the date of the end of the company's fiscal year to report their annual financial statements audited by the companies' independent external 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:
1) Approval from the Capital Markets Authority (CMA) to print and publish the annual report.
2) The company also provided its financials via the approved electronic form of disclosure applicable to the Service Sector.
In addition to the non-financial data, the annual report included audited financial statements for the fiscal year 2011, which included: an Independent Auditors' 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 financial statements ( 37 notes).
Within the conclusion in the Independent Auditors' Report ( Maayah & Co.), the following was conveyed: In our opinion, the financial statements present fairly, in all material respects, the financial position of The Ramallah Summer Resorts P. L. C. as of December 31, 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 (20,193) JOD, compared with a net profit after tax of 56,396 JOD in 2010. Total assets of the company reached 12,625,787 JOD as of December 31st, 2011, compared to total assets of 12,253,477 JOD as of December 31st, 2010, a net increase of 3.0%. Total liabilities of the company reached 4,227,342 JOD as of December 31st, 2011, compared to total liabilities of 3,727,330 JOD as of December 31st, 2010, a net increase of 13.4%. Net ownership equity of the company reached 8,398,445 JOD as of December 31st, 2011, compared with a net ownership equity of 8,526,147 JOD as of December 31st, 2010, a net decrease of 1.5%. Furthermore, paid-in capital increased from 2,889,007 JOD on December 31st, 2010 to 3,000,000 JOD by December 31st, 2011, an increase of 3.8%.
In accordance with Article (18/2) of the Disclosure Regulations, RSR stated the differences between the accompanying audited financial statements and the preliminary unaudited financial statements disclosed previously for the same financial period, with reasons for these differences.
© Press Release 2012
