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Bahrain’s financial services company Ithmaar Holding has seen its quarterly net loss rise by more than 200% as of September this year.
For the three-month period ended September 30, the company reported a net loss attributable to equity holders of $7.78 million, up by 207% from the $2.53 million recorded a year ago.
Total net profit for the nine-month period ended September 30 dropped to $15.12 million from $15.74 million in the same period last year, according to a statement.
In a separate bourse filing, Ithmaar reported accumulated losses of $797.49 million as of the third quarter of the year. The losses represent around 105% of the share capital, the company said in a disclosure posted on the Dubai Financial Market (DFM) on Monday.
The company, which has been incurring losses since before the pandemic, is looking at either a sale or restructuring of its non-core assets to improve its finances.
During 2020, the accumulated losses climbed by $87.5 million mainly due to the economic impact of the COVID-19 outbreak. The company said its financial position this year has also been “adversely impacted” by the strengthening of the US dollar.
(Writing by Cleofe Maceda; editing by Seban Scaria)
