| 1998 Annual Report - Financials PALESTINE TELECOMMUNICATIONS COMPANY P.L.C.
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 1998 AND 1997
TOGETHER WITH INDEPENDENT AUDITOR’S REPORT
To the Shareholders of
Palestine Telecommunications Company P.L.C.
Nablus - Palestine
We have audited the accompanying balance sheets of
Palestine Telecommunications Company P.L.C. (the “Company”) as of December 31,
1998 and 1997 and the related statements of profit and loss, changes in equity and cash
flows for the years then ended. These financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these financial
statements based on our audit, and the information and explanations that we obtained,
which we considered necessary
for our audit.
We conducted our audit in accordance with International
Auditing Standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statements presentation. We believe that our audit
provides a reasonable basis for our opinion.
The Company maintains proper books of account and the
accompanying financial statements are in agreement therewith.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position of Palestine
Telecommunications Company P.L.C. as of December 31, 1998 and 1997 and the results of its
oper-ations, changes in equity and cash flows for the years then ended in conformity with
International Accounting Standards issued by the International Accounting Standards
Committee.
Arthur Andersen
Ramallah - Palestine
March 22, 1999
Financial Statements
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