Bahrain sovereign fund Mumtalakat 2015 net profit drops 68.7%

DUBAI: Bahraini sovereign fund Mumtalakat posted a 68.7 per cent drop in 2015 net profit on Sunday, as the state-owned investor cited impairment losses for the decline. Net profit in 2015 was $76.3 million (Dh280 million) against $243.6 million in the previous year, Mumtalakat said in a statement. It added that the reduction in net profit was due to “impairment losses recognised on goodwill” without elaborating. It noted though that the impact was partially offset by a higher contribution from its share of profit from associates and improved operational performance at Gulf Air. (Reuters)