Amlak posts $36.7m net loss in H1

UAE mortgage lender says losses in first half of 2009 due to fall in revenue, writedowns also weigh.
Amlak posts $36.7m net loss in H1
By Thomas Atkins
Sun 30 Aug 2009 03:51 PM

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

.
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)

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.