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
More Finance & Capital Market Stories
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award