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FINANCIAL NEWS
Bahrain’s Mumtalakat posts USD482m loss in 2012
18 Jul 2013
(MENAFN) Bahrain sovereign wealth fund Mumtalakat reported a 32.9 percent decline in its losses in 2012, on improved performance in its financial services and telecommunications business, Reuters reported.
The SWF said it incurred USD482 million net loss last year, down from USD713.5 million in the previous year.
Annual revenue dropped by 9.9 percent mainly due to lower aluminum prices which impacted Alba, which was set up in 2006 and has posted net losses for the past five years.
Mumtalakat said that better performance in its financial services and telecommunications business offset lower revenue from Alba.
While it made no mention of it, struggling Gulf Air may have also contributed to the fund’s 2012 loss. Restructuring initiatives at the airline were behind its 2011 loss.
The SWF that a 28.3 percent fall in impairments also helped narrow its losses.
Mumtalakat CEO Mahmood Al Kooheji unveiled plans in March to invest USD150 million for local projects this year.
Mumtalakat has USD7.1 billion of assets under management at the end of September and it holds stakes in 40 firms in the Gulf state’s non-oil sector, including Bahrain Telecommunications Co (Batelco) and Aluminium Bahrain (Alba).
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