Amlak posts $60m loss as income drops
Dubai, March 31, 2011
Dubai-based Islamic mortgage lender Amlak reported a net loss of Dh219 million ($59.64 million) in 2010, as property-related income dropped and the lender booked impairments on its Islamic financing and investment assets.
The company registered a loss of Dh177.37 million in 2009.
Earnings fell as the mortgage lender booked an impairment charge of Dh221.8 million on its Islamic financing and investment assets, it said in a statement to the Dubai bourse.
Income from the segment also fell to Dh616 million in comparison with Dh760.58 dirhams earned in the year-before period.
Loss of advances for investment properties grew to Dh81.98 million from Dh68.2 million in 2009.
The United Arab Emirates government said in November 2008 it intended to merge Amlak with rival Islamic mortgage lender Tamweel. Shares in the two have not traded since.
Emaar Properties said earlier this month that it received Dh214.4 million from Amlak as part repayment of its loan. – Reuters