Mumtalakat’s 2012 loss narrows

Dubai: Bahrain’s Mumtalakat Holding Co., the Gulf state’s sovereign wealth fund, said its full-year loss narrowed by 33 per cent to 181.7 million Bahraini dinars ($481.9 million) in 2012 as impairment charges fell and income from investments in financial services and telecoms rose.

“Mumtalakat’s diversified investment portfolio, particularly in the financial services and telecommunications has contributed to a 9.1 per cent increase in share of profits from associate companies compared with 2011,” the company said in a statement posted on its website on Wednesday.

Mumtalakat said its total revenue fell 9.9 per cent compared with 2011 mostly due to lower aluminum prices that impacted Aluminium Bahrain, one of its major portfolio companies.