Wednesday, May 09, 2012
DUBAI (Zawya Dow Jones)--Waha Capital, a diversified investment company based in Abu Dhabi, reported a 47% year-on-year fall in first-quarter net profit to 15.88 million U.A.E. dirhams ($4.32 million) as operating income dropped.
Total revenues for the quarter were AED76.1 million, the company said in a statement posted on the Abu Dhabi bourse website Wednesday, down 7.6% on the same period a year before. First-quarter operating income was AED13.86 million, down 40% year-on-year, according to Waha's financial statements.
Waha, which has interests in aircraft leasing, consumer finance, real estate and oil and gas services, said the results were impacted by a one-off gain on the sale of an investment in the first quarter of last year.
"Though our operating income is broadly level with our position at the same point in 2011, we believe that the more efficient structure of our business now allows us to grow our investment base over the coming years, both in our home market and elsewhere in the region," said Salem Al Noaimi, the company's chief executive.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
09-05-12 0557GMT
