Dubai: Islamic mortgage lenders Tamweel and Amlak Finance reported their 2010 first quarter results to Dubai Financial Market on Tuesday.
While Tamweel posted a net profit of Dh5.1 million compared to a loss of Dh40.8 million in the first quarter of 2009, Amlak cut its losses to Dh 3.1 million in the first quarter of 2010 from Dh68.3 million in the same period last year.
Following an announcement in October 2008 that Tamweel and Amlak, would be merged; both stocks have been suspended from trading.
While it is not clear what would happen to the proposed merger between the two mortgage firms, Dubai Islamic Bank which holds close to 20 per cent stake in Tamweel said last month that it is considering a the option of increasing its shareholding in Tamweel.
During the first quarter Tamweel cut its operating cost 28 per cent to Dh 28 million while Amlak's impairment provisions declined to Dh31.3 million.
