Mubasher: Bahrain-based Ithmaar Holding reported net profits attributable to the equity holders of $8.861 million during the first quarter (Q1) of 2021, against net losses of $22.584 million in the year-ago period, according to the company's interim consolidated financials for the three-month period ended 31 March 2021.

The company has turned to profitability because of the improvement in assets performance and lower impairment provisions compared to the previous period.

The company's total income decreased to $111.949 million in Q1-21, compared to $138.567 million in the same quarter of 2020.

The basic and diluted earnings per share (EPS) stood at 0.30 US cents in the January-March period of 2021, versus the losses per share of 0.78 US cents in the previous quarter of 2020.

Meanwhile, the company incurred accumulated losses of $824.2 million, representing 109% of the capital.

It is noteworthy to mention that in 2020, the company has registered $41.719 million in net losses attributable to the equity holders, versus $669,000 net profits in 2019.