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Tue 8 Jun 2010 07:48 PM

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Bahrain's Arcapita to publish Q3 results this week

Bank said an agreement with the CBB over the delay in publishing results was reached.

Bahrain's Arcapita to publish Q3 results this week
RESULTS PUBLISHED: Bahrains Arcapita, an Islamic investment house, said that it would publish its Q3 results on Friday, nearly a month late on the date set by the regulator. (Getty Images)

Bahrain's Islamic investment house Arcapita, will publish its third quarter results on Friday, nearly a month behind the date set by the regulator, an official said on Tuesday.

Arcapita said in a statement on May 23 it expected a "sizable financial loss" for its financial year ending June 30, without providing further details.

The unlisted company, with assets of about $4 billion amongst Bahrain's largest investment houses, has not yet published its earnings for the quarter ended March 31.

Speaking to Reuters on Tuesday, Mohammed Chowdhury, an executive director for financial management, Arcapita, said: "We will publish the results on Friday...we have agreed with the CBB on this."

Arcapita is regulated by the Central Bank of Bahrain (CBB) as an Islamic wholesale bank. The section of the CBB's rules applicable to Islamic banks foresee a maximum period of 45 days after a quarter ends for the publication of earnings.

The financial crisis in the Gulf Arab region has unfolded slower than elsewhere as a lack of transparency clouded the impact of a regional real estate crash on banks and state finances at the region's business and tourism hub Dubai.

Chowdhury said: "The 45 days is just a guideline, we haven't breeched any rules."

He declined to provide a reason for the delay. Slight delays in publishing financial results have previously occurred at companies in Bahrain.

An official at the CBB confirmed that the 45 days limit applies to Arcapita, without elaborating further.

Bahraini investment houses have been particularly hit by the regional property crash and the consequent freeze of investment placement markets in the world's top oil exporting region.

While most of Arcapita's investments are outside the region, it posted a total loss of $190 million for the first two quarters of its current financial year as income from placement fees slumped. (Reuters)

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