Jun 23 2010 |
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UAE: Swing in fortune for mortgage duo
Troubled mortgage lenders, Amlak and Tamweel saw their earnings improve in the first quarter of the year, according to Reuters.In a delayed statement, Amlak said its net loss narrowed in the first three months of the year to $844,200 from $18.6 million in the same period in 2009.
Tamweel 's Q1 net profit saw an upswing to $1.39 million compared to a $11million loss a year ago.
"If they've actually recovered or the worst is over then they should have a clearer path towards a merger, a standalone scenario or a third party coming in," said Saud Masud, head of research at UBS in Dubai.
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