Bahrain's Mumtalakat sees 2015 net profit drop 68.7%

SWF cites impairment losses for decline, also reports better performance from Gulf Air
Bahrain's Mumtalakat sees 2015 net profit drop 68.7%
By Reuters
Sun 22 May 2016 05:14 PM

Bahraini sovereign fund Mumtalakat posted a 68.7 per cent drop in 2015 net profit on Sunday, as the state-owned investor cited impairment losses for the decline.

Net profit in 2015 was $76.3 million against $243.6 million in the previous year, Mumtalakat said in a statement.

Mumtalakat said the reduction in net profit was due to "impairment losses recognised on goodwill" without elaborating. It noted though that the impact was partially offset by a higher contribution from its share of profit from associates and improved operational performance at Gulf Air.

The fund holds stakes in Bahraini companies including Aluminium Bahrain and Batelco, but it has also been increasing its overseas investments in recent months, such as its deal for Spanish aluminium firm Aleastur.

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