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Bahrain's Arcapita Q3 loss widens on income slump - Daily News Egypt

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Bahrain's Arcapita Q3 loss widens on income slump

MANAMA: Bahrain’s Islamic investment house Arcapita posted on Friday a more than doubling of its third quarter losses on a slump in income and foreign exchange losses. The investment firm said in an advertisement published in the Bahrain Tribune that the net loss in the quarter ended March 31 was $160 million, compared with $73 …


MANAMA: Bahrain’s Islamic investment house Arcapita posted on Friday a more than doubling of its third quarter losses on a slump in income and foreign exchange losses.

The investment firm said in an advertisement published in the Bahrain Tribune that the net loss in the quarter ended March 31 was $160 million, compared with $73 million a year earlier.

Its income in the quarter fell by about 63 percent to $40 million while it said it incurred a net foreign exchange loss of $93 million in the quarter, without elaborating.

The quarterly loss was expected as Arcapita said in May it expected a sizable loss for its current financial year that ends June 30.

Bahraini investment houses have been particularly hit by a regional property crash late in 2008 as they relied on earnings fees on money they raised for property and private equity projects.

While most investments made by Arcapita, with about $3.8 billion in assets one of Bahrain’s largest investment firms, are outside the Gulf Arab region, it has still been hit by the subsequent freeze in the region’s investor placement markets.

 

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https://www.dailynewsegypt.com/2010/06/11/bahrains-arcapita-q3-loss-widens-on-income-slump/
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