18.05.2009 - Profits slip at Amlak Finance
From Arabianbusiness.com: Amlak Finance, the real estate investment and home loans provider, announced on Monday that full year net profits through Dec 31 2008 slipped to AED241 million, from AED301 million in 2007. Much of the damage was caused by an AED204 million loss in Q4 2008, mainly as a result of a drop in revenues from the previous quarters as well as a sharp fall in income from real estate investment activities, lower new mortgage originations, a significant increase in funding costs and higher general provisions on its mortgage portfolio and other investments........Full Article: Source
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