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Sovereign Wealth Funds Briefing - Categorized | Financials, People, Performance

MP slams SWF for BD182mln loss

Posted on 19 July 2013

Bahrain’s sovereign wealth fund has come in for criticism from a top MP after it yesterday reported losses of BD181.7 million for last year. The Bahrain Mumtalakat Holding Company, the country’s non-oil and gas investment arm with a portfolio of 40 firms, said its revenues declined by 9.9 per cent compared to 2011 - mainly due to lower aluminium prices impacting Alba.
It said lower aluminium prices were also the main reason for a 66.8pc reduction in consolidated gross profit, compared to 2011. However, it managed to reduce its losses from BD270.6m in 2011, which it attributed to a drop in impairment losses (a decrease in the value of assets) and a rise in income from investments in financial services and telecommunications………………………………………..Full Article: Source


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