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Ithmaar Holding sees $42m net losses in 2020

Ithmaar Holding sees $42m net losses in 2020
The basic and diluted losses per share stood at 1.43 cents last year
Ithmaar Holding
ITHMR
-8.96% 0.06 -0.01

Mubasher: The consolidated financial results of the Bahrain-based Ithmaar Holding has registered $41.719 million in net losses attributable to the equity holders in 2020, versus $669,000 net profits in 2019.

The net losses are attributed to the economic impact of the coronavirus (COVID-19) pandemic.

The basic and diluted losses per share stood at 1.43 cents last year, against the earnings per share (EPS) of 0.02 cents in 2019.

During the fourth quarter (Q4) of 2020, Ithmaar reported a net loss attributable to the equity holders of $38.43 million, compared to the net loss of $11.38 million in the same period of 2019.

Meanwhile, the company logged accumulated losses of $833.8 million in 2020, accounting for 110% of the capital, driven by the impairment provisions resulting from non-core investments as a result of financial crises.

It is noteworthy to mention that during the first nine months of 2020, the company logged net losses attributable to the equity holders of $3.29 million, against net profits of $12.04 million in the prior-year period.