Amlak posts 11% rise in revenue
Revenues from financing business activities remained stable at Dh131 million.
Islamic real estate financier Amlak Finance on Wednesday reported total revenues of Dh263 million, an increase of 11 per cent for the first nine months of 2019 compared to Dh236 million during the same 2018 period.
Revenues from financing business activities remained stable at Dh131 million when compared to the same period last year, a company statement said. The company reported a 20 per cent reduction in net loss to 41 million from Dh51 million net loss for the first nine months of 2018.
The company said it reached an advanced stage of renegotiating the funding terms with its financiers, which are expected to conclude before end of 2019.
While operating costs remained under control at Dh88 million, Amlak recorded an impairment charge of Dh74 million on Islamic financing assets compared to Dh42 million for the same period in 2018.
Amlak said it recorded an amortisation cost of Dh74 million, down by 12 per cent compared to Dh84 million in the same 201 period.
"The amount of amortisation represents the unwinding of fair-value gains on initial recognition of investment deposits, and varies according to the level of repayment made to financers in any reporting period," it said.
"Total assets continue to stand at Dh6 billion and total liabilities at Dh5 billion, similar to the 2018 year-end financial position," the mortgage firm said, adding that it remained on schedule for key real estate projects in the UAE. - email@example.com
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