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FINANCIAL NEWS
JAFZA profit down 50%
19 Apr 2011
(MENAFN) Jebel Ali Free Zone’s (JAFZA) chairman, Hisham Abdullah Al-Shirawi, said that the company’s profits for 2010 went down by over fifty percent, reported Arab News.
Al-Shirawi said that JAFZA’s profit stood at USD38.04 million last year, down from USD78 million reported in 2009.
The chairman cited the drop in profits to impairments of investment properties which amounted to USD54 million in 2010, compared to only USD7.7 million dirhams in 2009.
Al-Shirawi said that the company is currently looking into refinancing options as the company should pay USD2.04 billion sukuk due next year. It is worth noting that the company is negotiating debt restructuring deals that include the selling of assets.
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