Aug 17 2011 |
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UAE: Amlak's Q2 loss widens on rising impairments
By Issac John DUBAI -- Amlak Finance , the Dubai-based Islamic mortgage company, said on Tuesday that its loss widened in the second quarter as income from its core business fell and impairments more than doubled.The company, which is being reorganised by the federal government, said in a statement that its net loss rose to Dh52.2 million from Dh 597,000 a year earlier.
Amlak said its income from core Islamic financing and investing assets business dropped 17.2 per cent to Dh130.8 million, while impairments surged to Dh61.2 million from Dh9.7 million in the second quarter a year earlier.
Revenue fell 12 per cent to Dh148 million "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," the company said.
Tamweel 's shares resumed trading on May 10 after Dubai Islamic Bank PJSC increased its stake in the company to 58.3 percent from 21 percent in September and added new funds.
Following a return to profit in the third quarter of 2010 with the help of sale of investment properties and lower impairments for financing and investment assets, Amlak made a net loss of Dh53.9 million in the first quarter this year, compared with a loss of Dh3.1 million during the same period in 2010. Revenue from financing and investing activity fell by 17 per cent during the first quarter due to no new business over the past two years, continuing into 2011.
© Khaleej Times 2011
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