Amlak Finance turns into losses for the first half

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Dubai – direct: She said Amlak Finance CompanyListed on the Dubai Financial Market, it turned into losses at the end of the second quarter results of this year, in contrast to achieving profits in the same period of 2019.

According to a statement issued today by the company to the Dubai Stock Exchange, it incurred losses amounting to 78 million dirhams, compared to profits of 4 million dirhams in the first half of 2019.

The company indicated that the shift to loss was a result of being affected by the repercussions and results of the outbreak of the spread of the emerging corona virus (Covid-19).

Revenues not including unrealized fair value gains or losses related to investment properties decreased to AED 131 million, compared to AED 132 million.

The total value of rental income reached 25 million dirhams, while the total value of assets reached 4.9 billion dirhams.

Operating costs decreased by 13 percent to 51 million dirhams in the first half of this year, compared to 59 million dirhams in the first half of last year.

Amlak Finance stated in a separate statement that the value of its accumulated losses reached 1.83 billion dirhams, representing 123 percent of the capital.

The incurrence of these accumulated losses is due to the fair losses of the investment properties recorded in 2014.

The company recently agreed to financial restructuring in addition to debt restructuring to address these losses.

Amlak Finance Company’s losses increased by 20.7 percent By the end of last year, it reached 321.5 million dirhams, compared to a loss of 266.3 million dirhams in the year before last.

Amlak Finance Company’s shares ended its trading Thursday on the Dubai Stock Exchange, up by 0.30 percent to 0.33 dirhams, after 1.95 million shares were traded at a value of 647.19 thousand dirhams.

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