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FINANCIAL NEWS
Dubai’s Tamweel reports USD5.1m profit in Q2
12 Jul 2012
(MENAFN) Dubai-based Tamweel reported 33 percent decline in quarterly profits over weaker revenue and higher costs, Reuters reported.
The Islamic mortgage lender said it made USD5.1 million net profit during the second quarter, down from USD7.54 million a year earlier.
The company also reported USD37.26 million revenue in the quarter, down from USD38.54 million a year earlier.
Tamweel had cash and cash equivalents worth USD153.5 million in as of June 30, up from USD51 million at the end of 2011.
Earlier this month, the company delayed a USD235 million asset-backed securitization following a tepid response from potential investors.
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