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Sunday, 14 November 2010

Emaar Properties Says Loan Due From Amlak Finance Is `Fully Recoverable' - Bloomberg

Emaar Properties PJSC said it believes the loan due from Amlak Finance PJSC, the Islamic mortgage company being reorganized by the United Arab Emirates government, is “fully recoverable.”

Emaar’s loan to Amlak amounted to 772.6 million dirhams at the end of September, the company said in its reviewed earnings statement on the Dubai bourse today. The loan included 533.7 million dirhams relating to a credit facility, it said. Emaar holds a 45 percent stake in Amlak, according to Bloomberg data.

Emaar’s trade receivables at the end of September amounted to 1 billion dirhams compared with 981.4 million dirhams at the end of last year, according to the statement. Trade receivables within the next 12 months totaled 802.3 million dirhams, it said.