Sunday, Jul 08, 2012
Mumtalakat Holding Company (Mumtalakat), the sovereign fund of the Kingdom of Bahrain, reported a consolidated net loss of BD270.6 million in 2011 (2010: BD 234.3 million). Mumtalakat in a statement said that it had reduced its 2011 consolidated operating loss by almost 88% to BD5.9 million, from BD 48.9 million in 2010.
The share of profit, it added, from associate companies declined by approximately 11% as a result of lower operating income in these companies. “This coupled with higher impairment losses of BD316.5 million in 2011 compared to BD191.2 million in 2010 resulted in a consolidated net loss of BD270.6 million,” the statement added.
Mumtalakat in a statement announcing its financial results for the year ended 31 December 2011 claimed improved revenues by significantly reducing its operating losses. “Despite the global and regional economic volatility that was experienced in 2011, Mumtalakat delivered a robust financial performance,” Mahmood Al Kooheji, Chief Executive Officer of Mumtalakat, said.
“Mumtalakat’s diversified portfolio of non-oil and gas assets, benefited from Mumtalakat’s commitment to drive value enhancement through transparency and strong corporate governance, while maintaining financial discipline and a prudent investment approach. We remain in a strong financial position and moving forward Mumtalakat will continue to play a vital role in the growth and diversification of Bahrain’s economy, with future investments and partnerships likely to focus on the Kingdom and the region,” he added.
By Mahmood Rafique - www.twentyfoursevennews.com
24x7 News 2012. All rights reserved.
