BUSINESS

Amlak Finance 1H Net Loss Widens To AED106M Vs AED4M Yr Ago

Dubai-based Islamic mortgage lender Amlak Finance said it made a first-half net loss of 106 million U.A.E. dirhams ($28.9 million), compared with a loss of AED4 million in the same period last year, due to falling revenues and higher provisioning.

Zawya Dow Jones News

August 16, 2011

Tuesday, Aug 16, 2011

DUBAI (Zawya Dow Jones)--Dubai-based Islamic mortgage lender Amlak Finance (AMLAK.DFM) said Tuesday it made a first-half net loss of 106 million U.A.E. dirhams ($28.9 million), compared with a loss of AED4 million in the same period last year, due to falling revenues and higher provisioning.

Amlak, in a statement posted on the Dubai bourse website, said revenue from financing and investing activity fell 17% in the period versus last year "as a result of no new business origination over the past two years continuing into 2011, and further mortgage rate cuts offered to existing customers."

Amlak shares didn't trade early Tuesday. They closed Monday 5.6% lower at AED1.02.

-By Mirna Sleiman, Dow Jones Newswires; +9714 446-1698; mirna.sleiman@dowjones.com

(END) Dow Jones Newswires

16-08-11 0640GMT