Tamweel posts Q1 net loss of Dh41 million

Tamweel, the UAE's largest provider of real estate finance, has announced that it has clocked a net loss of Dh41 million for the quarter ending March 31, 2009.

According to sources, the conglomerate has reported an operational profit of Dh11million for the period, an impairment provision amounting to Dh52 million landed the company in a net loss for the first quarter of the current fiscal.

The sources further added that the Islamic financing and investing assets stood at Dh10 billion at the end of March.

The company officials said that the first-quarter profitability was impacted by substantially lower income from property sales, higher prudential provisioning on the home finance portfolio and higher funding costs.