Tuesday, Apr 17, 2012
DUBAI (Zawya Dow Jones)--Dubai-based Tamweel (TAMWEEL.DFM), an Islamic mortgage provider, on Tuesday said that first-quarter net profit fell 33% on the year, blaming a provision it took against litigation losses.
Tamweel's first-quarter net profit fell to 18 million U.A.E. dirhams ($4.9 million) from AED27 million dirhams in the same period in 2011. The group's operating profit for the quarter, before provisions, rose to AED48.5 million from AED43 million.
The company said it absorbed a AED21.6 million hit due to "litigation losses" without providing more detail. A spokesman for the group wasn't immediately available to comment.
Tamweel also said there is increasing stability in the domestic property market.
-By Nicolas Parasie, Dow Jones Newswires, +9714 446 1681, nicolas.parasie@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
17-04-12 1046GMT
