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Amlak back in black

/ 27 October 2010

DUBAI — Dubai-based Islamic mortgage lender Amlak Finance on Tuesday declared its first quarterly profit this year.

Amlak announced a net profit of Dh5.99 million in the third quarter, compared to a loss of Dh45 million in the same period last year, it said in a statement posted on the Dubai Financial Market Website.

It returned to profit this year with the help of sale of investment properties and lower impairments for financing and investment assets. Amlak earned a net profit of Dh2.26 million in the first nine months of the year compared with a loss of Dh178.56 million in the same period a year earlier.

The lender’s income came from the sale of investment properties reached Dh108,000 for the quarter against a loss of Dh23 million in the third quarter in 2009, according to the statement. Amlak reported an impairment of Dh17.7 million for financing and investing assets in the third quarter, down from Dh44 million in 2009.

     abdulbasit@khaleejtimes.com

 
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