Tamweel PJSC (TAMWEEL), the mortgage provider that Dubai Islamic Bank PJSC (DIB) plans to take over, said 2012 profit dropped 29 percent as it made provisions for litigations.
Net income for the year fell to 72.5 million dirhams ($20 million), or 7 fils a share, compared with 102 million dirhams, or 10 fils a share, in 2011, the company said in a statement to the Dubai bourse today. Total operating profit climbed to 603.3 million dirhams from 601 million dirhams in 2011, it said.
Profit declined because of “exceptional provisions relating to certain ongoing litigations for which the company made full provision while continuing to fight its rights,” Tamweel said, without elaborating.
U.A.E. Mortgage Provider Tamweel 2012 Net Declines on Litigation - Bloomberg
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