Amlak Finance reports Dh139m profit for 2015

Amlak Finance has reported a profit of Dh139 million for 2015, compared with a loss of Dh85.5m for the previous year.

The Dubai-based lender did not specify whether the net income figure included contributions to non-controlling interests or not.

Fourth quarter revenue rose to Dh150.2m, a year on year increase of 24 per cent.

The lender did not provide any breakdown of revenue for its core Islamic finance business.

Amlak, of which Emaar Properties owns 45 per cent, completed a restructuring process in late 2014, after the housing bust of 2008 came close to wiping out the value of its portfolio.

The company’s shares, which resumed trading on the Dubai Financial Market last June after more than six years of suspension, ended the day up 3.36 per cent at Dh1.23.

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