Dubai – Mubasher: Amlak Finance on Wednesday revealed it has recorded a net profit of AED 2 million in the first quarter of 2019, down from AED 7 million in Q1-18.

Total revenues, including unrealised fair value gain related to investment properties, jumped by 24% year-on-year to AED 122 million in the three-month period ended 31 March from AED 98 million, Amlak Finance said in a statement to the Dubai Financial Market (DFM).

Meanwhile, revenues from financing business activities reached AED 43 million in Q1-19, up 2% year-on-year from AED 42 million, the leading specialised Islamic real estate financier added.

Operating costs fell by 3% to AED 29 million at the end of March, compared to AED 30 million in the year-ago period.

The company recorded an impairment charge of AED 44 million on Islamic financing assets in Q1-19, compared to AED 2 million in Q1-18, according to the statement.

Additionally, amortisation cost dropped by 24%to AED 26 million in Q1-19, versus AED 34 million in the same quarter of 2018.

Total assets remained unchanged at AED 6 billion and total liabilities remained flat at AED 5 billion in Q1-19.

In 2018, Amlak finance had turned to losses, incurring a net loss of AED 272 million, against logging a net profit of AED 51 million a year ago.