Dubai – Mubasher: Amlak Finance posted on Thursday a year-on-year fall of 93.9% in its net profit for the first quarter of fiscal year 2017.
Net profit for Q1-17 amounted to AED 7.5 million (2.04 million), compared to AED 122.97 million ($33.7 million) for Q1-16, according to a bourse filing.
Revenue from financing business activities dropped in Q1-17 by 20% to AED 47 million in Q1 2017, versus AED 59 million for Q1-16.
Operating Costs decreased by 3% to AED 29 million for Q1-17, compared to AED 30 million for Q1-16.
