Troubled Islamic mortgage lender Amlak (AMLK.DU: Quote) said on Thursday net loss for the first-quarter soared hurt by higher provisions and a sharp drop in revenues.
The Dubai lender made a net loss of 53.9 million dirhams ($14.67 million) for the quarter, compared with a loss of 3.1 million dirhams during the same period in 2010, it said in a statement to the Dubai bourse.
Revenue from financing and investing activity fell by 17 percent during the quarter, the company said, due to no new business over the past two years, continuing into 2011.
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