Amlak posts $36.7m net loss in H1

By Thomas Atkins
  • Sunday, 30 August 2009 3:51 PM
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Mortgage lender Amlak Finance posted a net loss of 135.1 million dirhams ($36.78 million) in the first half of the year, as revenue fell and writedowns weighed, the company said on Sunday.

Revenue on fees, investment gains, and property sales fell at the company, one of the biggest mortgage lenders in the Gulf, while impairments on "financing and investment assets" rose sharply, the company said in a statement on the bourse website.

Impairments of financing and investing assets in the first half of 2009 soared to 140 million dirhams from 8.5 million dirhams in the year-ago period, according to the statement.

Amlak shares have been suspended since late last year pending an emergency merger with ailing rival Tamweel <TAML.DU>. Amlak and Tamweel were both paralysed by the property collapse that hit Dubai last year.

Since then, their fate has been under review by a federal steering committee charged with merging the two firms together with two other state-controlled banks. (Reuters)

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Posted by: sambouka Monday, 31 August 2009 10:57 AM[UAE] - UAE

I have been affected by Amlak on several occasions whereby they claimed that their interest rates are linked to the US's. When interest rates when up in the US, they lifted theres, when it bottomed out, nothing has changed...in fact, they recently have lifted interest rates since they are not doing well.

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