MANAMA: Inovest has reported consolidated net loss attributable to the parent shareholders of $1.60 million for the three months ended June 30, 2021 (Q1) in comparison to a net profit of $195,000 for the same quarter of last year.

Accordingly, the basic loss per share for the first quarter of 2021, amounted to -0.54 cents as compared to earnings per share of 0.07 cents for the same period in 2020.

The decrease is primarily due to a decline in income from investment in real estate in comparison to the same timeframe last year, as well as a decline in other income.

The net operating profit declined to a loss of $1.52m for the second quarter of 2021, compared to a profit of $0.40m in the second quarter of last year, attributable to the reasons above.

Additionally, the consolidated operating income in Q1-2021 declined by 69pc to $866,000 in comparison to $2.81m last year.

Inovest’s financial results for the first half of 2021, show a consolidated net loss attributable to parent shareholders of $1.67m, as compared to profit of $4.79m for the same time last year.

The group also reported that basic and diluted loss per share of the parent company in the first six months of 2021 amounted to 0.56 cents as compared to earnings of 1.61 cents in 2020.

This decrease is the outcome of recoveries due to credit loss at a value of $5.92m in the first half of the last year.

Within the first half of 2021, consolidated net operating profit decreased by 141pc, reaching a loss of $1.80m in comparison to a loss of $748,000 for the same period of 2020 due in large to the aforementioned reasons.

Furthermore, the consolidated operating income for the six months of 2021 declined by 39pc to reach $2.79m in comparison to $4.61m last year.

The group’s key balance sheet indicators remained relatively constant with the equity attributable to parent shareholders standing at $140.55m in comparison to $141.62m at the end of 2020.

Within the same period, Inovest reported consolidated total assets of $239.84m, representing no significant change in comparison to $241.43m at the end of 2020.

On the liquidity front, Inovest’s cash and bank balances stood at 8pc of the total consolidated assets.

Accordingly, the cash and bank balances were at $18.8m in comparison to $23.4m as of end-2020, representing a 20pc decrease.

© Copyright 2020 www.gdnonline.com

Copyright 2021 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.