Jun 23 2010 |
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Amlak, Tamweel bare better results
DUBAI -- Shariah-compliant mortgage lenders Amlak Finance and Tamweel declared better financial results for the first quarter of the current year, according to statements posted on the Website of the Dubai Financial Market, or DFM, on Tuesday.Trading in both the Dubai-based mortgage firms has been suspended since 2008 when the government announced plans to merge and restructure the two Islamic lenders.
Tamweel swung to a first quarter net profit of Dh5.1 million, compared to a Dh40.7 million loss during the same period last year.
Amlak posted a loss of Dh3.1 million in the first quarter, according to the statement on the DFM Website. That compares with a loss of Dh68.3 million in the year-earlier period. For Amlak it was the sixth consecutive quarterly loss.
"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 and senior real estate analyst at UBS in Dubai.
"Can they come out on their own? I still have my reservations," Masud said. "My view is that they need to be merged and if not they need investors to provide them with the right capital," he said.
Amlak said it was evaluating several options to secure funding for the group to allow it to meet its ongoing commitments, but did not provide further details.
Amlak losses per share for the period were Dh0.002 compared with Dh0.046 a year earlier, Amlak said. Impairments from financing and investing assets fell to Dh31.4 million from Dh73.3 million a year earlier, it said. The value of Amlak 's assets fell slightly to Dh13.9 million from Dh14.2 million during the first quarter of 2010.
By Abdul Basit
© Khaleej Times 2010
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