Bahrain’s Arcapita net income up to USD50.2m
15 Sep 2011
(MENAFN) Bahrain’s Arcapita said that driven by several exits or assets disposals in its investment portfolio, the investment company’s net income in the fiscal year ended June 30 rose to USD50.2 million compared with a USD560 million loss in 2010, reported Emirates 24/7.
The firm added that due to the company’s investment in Mapletree Industrial Trust last year, Arcapita raised USD435 million from that investment, moreover, early this year, the company sold a portfolio of senior living communities in the US for USD630 million.
It also said that Arcapita would need to refinance a USD1.1 billion murabaha loan due in April of next year, furthermore, the company planned to exit more investments and use funds for part repayment of the loan.
It is worth noting that Arcapita is an Islamic investment company, its total assets at June 30 stood at USD .7 billion.