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FINANCIAL NEWS
Amlak Q2 net profit plunges 87 percent
13 Aug 2015
(MENAFN) Amlak Finance reported an 87 percent drop in second-quarter net profit as the Islamic mortgage lender’s income from financing, investments and deposits all declined and amortization costs soared.
Amlak, which signed a USD2.7 billion debt and financing restructuring deal with creditors last November, made a net profit attributable to shareholders of USD1.95 million in the three months to June 30.
Quarterly income from Islamic financing and investing assets fell 30.1 percent year-on-year to USD17.56 million and deposit income roughly halved to USD302.15 thousand over the same time frame.
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