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PALESTINE TELECOMMUNICATIONS(PALTEL) disclosed its financial statements for the second quarter of the year 2019.

PALTEL PALTEL 0.21% 4.76 0.01
Disclosure Year 2019 2018
Disclosure Period End of 3006 End of 3006
Disclosure Start Date 01/01/2019 01/01/2018
Disclosure End Date 29/06/2019 29/06/2018
Disclosure Type Financial Disclosure Financial Disclosure
Company Name PALESTINE TELECOMMUNICATIONS PALESTINE TELECOMMUNICATIONS
Company Symbol PALTEL PALTEL
Sector Service Sector Service Sector
Currency JD JD
End date of legal disclosure period 21/08/2019 31/08/2018
Actual Disclosure Date 08/08/2019 01:08:00 PM 02/08/2018 01:32:00 PM
Hard Copy Disclosure
Consolidation Status Consolidated Consolidated
Notes Display Source Note ID Only Note ID Only
Auditing Status Reviewed Reviewed
Net income in Cash Flow Statement Income Before Tax Income Before Tax
The attached notes form part of these financial statements

Statement of Financial Position
- 2019 2018
- JD JD
- As a 29/06/2019 As a 31/12/2018
Note Reviewed Audited
Property, plant and equipment 152,924,000 141,883,000
Intangible assets 200,254,000 212,583,000
Properties Under Development 80,579,000 -
Projects in progress 5,445,000 3,022,000
Materials 12,702,000 13,254,000
Investment in associates 21,420,000 38,398,000
Investment in financial securities 161,050,000 160,506,000
Property Investments 42,738,000 43,348,000
Other Financial Assets 38,930,000 49,873,000
Total Fixed Assets 716,042,000 662,867,000
Inventory 2,465,000 2,269,000
Accounts Receivable 81,747,000 86,234,000
Other Current Assets 26,973,000 21,381,000
Investment in financial securities 27,407,000 28,354,000
Cash and cash equivalents 33,725,000 56,895,000
Total Current Assets 172,317,000 195,133,000
Total assets 888,359,000 858,000,000
Paid-in Capital 131,625,000 131,625,000
Statutory reserve 32,906,000 32,906,000
voluntary reserve 6,756,000 6,756,000
Special Reserve 7,950,000 7,950,000
Foreign currency translation differences (32,000) (74,000)
Fair value reserve (22,518,000) (17,681,000)
Retained earnings 302,044,000 321,535,000
Equity attributable to equity holders of the parent 458,731,000 -
Non-controlling interests 19,344,000 -
Total Owners' Equity 478,075,000 483,017,000
Long term loans 84,461,000 88,625,000
Provision for employees' indemnity 47,486,000 37,223,000
Total non-current liabilities 131,947,000 125,848,000
Accounts Payable 57,427,000 75,969,000
Short term loans 131,067,000 74,731,000
Income Tax Provision 303,000 5,808,000
Other current liabilities 89,540,000 92,627,000
Total Current Liabilities 278,337,000 249,135,000
Total Liabilities 410,284,000 374,983,000
Total Liabilities & Owners' Equity 888,359,000 858,000,000
Income Statement
- 2019 2018
- JD JD
- End of 30062019 End of 30062018
Note Reviewed Reviewed
Revenues 149,232,000 159,291,000
Telecommunication Services Costs 0 (4,242,000)
Cost of sales (28,616,000) -
License Fees 0 (11,049,000)
Other Costs 0 (8,528,000)
Operating expenses (93,367,000) (99,073,000)
Investments Gains/ (Losses) 9,913,000 12,227,000
Finance Expenses (5,203,000) (3,111,000)
Other revenues (expenses) 11,347,000 (1,280,000)
Net Income before tax 43,306,000 44,235,000
Income tax expense (7,622,000) (7,612,000)
Non controlling interest (233,000) -
Net Income after tax 35,451,000 36,623,000
Basic and diluted earnings (loss) per share 0.269 0.278
Net gain (loss) on financial assets at fair value through other comprehensive income (4,855,000) 10,738,000
Foreign currency translation differences 42,000 (6,000)
Total Other Comprehensive Income (4,813,000) 10,732,000
Net Comprehensive Income 30,638,000 47,355,000
Owners' Equity
ر
- Paid-in Capital Statutory Reserve Voluntary Reserve Special Reserve Available-for-sale financial assets reserve Change in Translation Difference Retained Earnings Owners' Equity Non-controlling interests Total Owners' Equity
Note JD JD JD JD JD JD JD JD JD JD
2019 - - - - - - - - - - -
Balance - Beginning of the period
131,625,000 32,906,000 6,756,000 7,950,000 (17,681,000) (74,000) 321,535,000 483,017,000 0 483,017,000
Effect of new IFRS application
- - - - 0 - (2,274,000) (2,274,000) 0 (2,274,000)
Comprehensive income
- - - - - - - 0 233,000 233,000
Net profit or (loss) for the period after tax
- - - - - - 35,451,000 35,451,000 0 35,451,000
Other Comprehensive Income
- - - - (4,837,000) 42,000 (18,000) (4,813,000) 19,111,000 14,298,000
Total Comprehensive Income for the Period
0 0 0 0 (4,837,000) 42,000 33,159,000 28,364,000 19,344,000 47,708,000
Cash Dividends Paid
- - - - - - (52,650,000) (52,650,000) 0 (52,650,000)
Balance - End of the period
131,625,000 32,906,000 6,756,000 7,950,000 (22,518,000) (32,000) 302,044,000 458,731,000 19,344,000 478,075,000
2018 - - - - - - - - - - -
Balance - Beginning of the period 131,625,000 32,906,000 6,756,000 7,950,000 (7,704,000) (74,000) 394,362,000 - - 565,821,000
Effect of new IFRS application - - - - 7,704,000 - (86,014,000) - - (93,775,000)
Net profit or (loss) for the period after tax - - - - - - 36,623,000 - - 36,623,000
Other Comprehensive Income - - - - 0 (6,000) (79,000) - - 10,732,000
Total Comprehensive Income for the Period 0 0 0 0 7,704,000 (6,000) (49,470,000) - - (46,420,000)
Cash Dividends Paid - - - - - - (52,650,000) - - (52,650,000)
Balance - End of the period 131,625,000 32,906,000 6,756,000 7,950,000 0 (80,000) 292,242,000 - - 466,751,000
Cash Flow
- 2019 2018
- JD JD
- End of 30062019 End of 30062018
Note Reviewed Reviewed
Net Income before/after tax 43,306,000 44,235,000
Depreciation and Amortization expense 25,249,000 24,603,000
Allowance of doubtful accounts 5,883,000 7,050,000
Gains/Losses of investments (9,913,000) (12,227,000)
Interest Income (3,077,000) (2,645,000)
Impairment Loss of assets 6,248,000 0
Gain from valuation of share in associate before acquisition (12,919,000) -
Change in end of service allowance payments 5,729,000 2,892,000
Finance Expenses 5,203,000 3,111,000
Other non-cash items 4,779,000 (2,709,000)
Change in Accounts Receivable (8,830,000) (7,117,000)
Change in inventory (196,000) (11,000)
Change in Other Current Assets 4,350,000 4,177,000
Change in Accounts Payable 3,082,000 5,925,000
Properties under development 5,412,000 -
Change in Other Current Liabilities (5,581,000) (4,739,000)
Income tax paid (13,072,000) (17,122,000)
Employees' indemnity paid (2,141,000) (2,838,000)
Net Cash Flow from Operating Activities 53,512,000 42,585,000
Net Financial Assets (5,297,000) (1,539,000)
Cash Dividends received 10,649,000 8,633,000
Investment in associates 0 (907,000)
Loans to associates 0 (3,545,000)
Settlements of loans payable 6,473,000 0
Investment in subsidiaries (26,000,000) -
Interest revenue received 333,000 227,000
License renewal fees repayments (22,156,000) (44,313,000)
Properties under development (3,044,000) -
Cash from acquisition of subsidiaries 143,000 -
Change in Projects in Progress, property, plant, and equipment and materials (22,565,000) (27,128,000)
Net Cash Flow from Investing Activities (61,464,000) (68,572,000)
Cash dividend paid (50,691,000) (50,859,000)
Long term loans 2,942,000 70,900,000
Credit Facilities 52,711,000 377,000
Lease payments (934,000) -
Settlement of Long term loans payable (14,276,000) (7,090,000)
Finance Expenses paid (4,970,000) (3,111,000)
Net Cash Flow from Financing Activities (15,218,000) 10,217,000
Net change in cash and cash equivalents (23,170,000) (15,770,000)
Cash and cash equivalents, beginning of Period 56,895,000 39,761,000
Cash and cash equivalents, end of period 33,725,000 23,991,000
Press Release

Palestine Exchange: Received Disclosed Interim Financial Statements of PALESTINE TELECOMMUNICATIONS(PALTEL) for the First Half of 2019

The Palestine Exchange (PEX) received the Reviewed & Consolidated interim financial statements for first half of 2019 from PALESTINE TELECOMMUNICATIONS(PALTEL).

According to financial statements for first half of 2019, Net profit after tax of the period reached 35,451,000 JD Compared with Net profit after tax 36,623,000 JD for 2018, a net decrease in profit of 3.20%.Total assets of the company reached 888,359,000 JD compared with total assets of 858,000,000 JD at the end of year 2018, a net increase of 3.54%.Total liabilities of the company reached 410,284,000 JD compared with total liabilities of 374,983,000 JD at the end of year 2018, a net increase of 9.41%. Net ownership equity of the company reached 478,075,000 JD (Including None-Controlling Interests of 19,344,000 JD) compared with total owner equity of 483,017,000 JD at the end of year 2018, a net decrease of 1.02%.


PALTEL Quarterly Financials Report Q2 2019

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