Tamweel returns to profit; Amlak narrows loss

Islamic mortgage lenders Tamweel and Amlak Finance have announced their results on the Dubai Financial Market on Monday, making them the last companies to comply with the disclosure norms.

DFM had earlier notified 100 per cent compliance, except Tamweel and Amlak, on disclosure of 2010 second quarter results within the stipulated deadline of 45 days from the end of the quarter on June 30, 2010.

While Tamweel returned to net profit of Dh10.54 million for the first half of 2010 against a loss of Dh75.77 m for the corresponding period in 2009, Amlak substantially narrowed its loss to Dh9.07 million for the six months from a loss of Dh123.56 m for the 2009 comparable period. . Similarly, the first quarter loss dropped to Dh5.69 m against Dh54.77 m in the comparable period in 2009.

The two companies remain untraded on the DFM after trading was suspended in November 2008 after the government announced a plan to merge the two entities.

Trading in the companies’ shares on DFM has been suspended until the Steering Committee finalises its recommendations, according to the auditor’s report.

Tamweel’s profit for the second quarter this year was Dh5.4 m against a loss of Dh35 m for the corresponding period last year, according to consolidated results statement posted on the DFM website.

Fee income rose to Dh32.63 million for the first half from Dh20.58 m for the 2009 period.

The statement showed Islamic financing fell to Dh310.09 m from Dh367.49 m in the find half of 2009.

Total assets fell to Dh10.56 billion in the first half of 2010 from Dh11.63 bn in the comparable period in 2009.

Amlak’s operating income stood at Dh347.05 m for the six months ended June 30, 2010 against Dh410.65 m. The corresponding figures for the second quarter were Dh168.9 m and Dh191.32 m, respectively.

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