Abu Dhabi’s Waha Capital Q4 net falls 46 percent

Abu Dhabi’s Waha Capital Q4 net falls 46 percent

Waha Capital, an Abu Dhabi-listed investment firm, said its fourth-quarter net profit fell 46 percent, with the company citing a one-time gain in its year-ago results for the drop.

February 1, 2012 12:54 by Reuters

Waha, which is involved in real estate and leasing for the oil and aviation sectors, earned a net profit of 92.95 million dirhams ($25.31 million)in the last quarter of 2011, compared with 172.35 million dirhams in the same period last year, it said in a bourse statement on Wednesday.

Waha said its year-ago results included a gain from its acquisition of a stake in aircraft leasing firm AerCap. It did not provide a value for the gain. Waha bought the stake in October 2010.

The firm’s full year net profit was 155.31 million dirhams compared with 249 million dirhams in 2010, it said without giving full details for the fourth quarter.

Waha, in which the Abu Dhabi government owns a 15.4 percent stake, arranged a $505 million revolving loan facility last year with 11 local and international banks for developing its businesses.

Total assets grew 11 percent to 4.23 billion ending December 2011.

The first phase of Waha’s industrial real estate project Al Markaz is nearing completion with delivery of the first units scheduled for first half 2012, the statement said.

Waha shares were down 2 percent at 0615 GMT on the Abu Dhabi bourse. ($1 = 3.6730 UAE dirhams) (Reporting By Stanley Carvalho; Editing by Dinesh Nair)