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Amlak Finance profit falls 8% to Dh6.8m

Revenues increase in first quarter mainly on investment gains

Gulf News

Dubai: Amlak Finance reported on Monday an 8.4 per cent decline in its net profit for the first quarter of 2018, which reached Dh6.8 million.

Meanwhile, revenues increased by 5 per cent year-on-year to reach Dh104 million compared to Dh99 million the first quarter of 2017. In a statement, Amlak attributed the increase mainly to gains on investment properties of Dh24 million in the quarter.

Costs during the quarter went up, however, as the company saw impairment on Islamic financing assets jump to Dh1.9 million.

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