Sunday, Oct 30, 2011
DUBAI (Zawya Dow Jones)--Abu Dhabi-based investment firm Waha Capital (WAHA.AD) said its third-quarter net profit fell 29% following the restructuring of its leasing business amid a "challenging environment".
Waha Capital's third-quarter net profit fell to 26.6 million U.A.E. dirhams ($7.2 million) from AED37.3 million in the year-ago period. The group's operating income for the first nine months fell to AED227.3 million from AED331.5 million in the same period of the previous year.
"The reduction in both operating income and expenses is primarily attributable to the restructuring of the leasing business and consolidation of investments in the aviation sector in the last quarter of 2010," the company said.
Listed on the Abu Dhabi exchange, Waha is an investment holding company with stakes in aircraft, asset leasing, maritime, land development and financial services.
Waha Capital shares closed Thursday 1.8% higher at AED0.56
-By Nicolas Parasie, Dow Jones Newswires; +9714 446-1681; nicolas.parasie@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
30-10-11 0452GMT
