Amlak posts AED135 million loss in H1
Dubai-based mortgage lender Amlak…
August 31, 2009 12:23 by kippreport
Dubai-based mortgage lender Amlak Finance posted a net loss of AED135.1 million in the first half of the year, the company said. It attributed the loss to a fall in fee revenue, investment gains, and property sales. Meanwhile “impairments on financing and investment assets” (bad loans) during the period increased to AED 140 million from AED8.5 million in the same period a year ago, it said.
Amlak shares have been suspended since late last year awaiting a merger with mortgage lender, Tamweel.
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1 Comment
Given the condition of the global economy, it is not surprising. Property finance is one of the worst hit industries across many international jurisdictions.