MANAMA: The Bahraini government’s investment arm, Mumtalakat Holding, on Saturday announced a net loss of 183 million dinars ($485.35 million) in 2009, more than double that of the previous year.
"The value of net losses … reached 183 million Bahraini dinars" in the fiscal year ending on 31 December, 2009 "compared to net losses worth 69 million Bahraini dinars" ($183 million) in 2008, it said.
The company, started in 2006 with assets estimated at around two billion dinars ($5.3 billion), said its revenues had fallen 28 percent in 2009.
"Our financial results were greatly affected by the global financial crisis … Nevertheless, we were capable of achieving much progress," said the company’s chief executive, Talal Al-Zain.
"We regard the fiscal year 2009 as one in which we … focused on our asset investment companies and pushed forward Mumtalakat’s capabilities to play its role as a financial institute."
Mumtalakat bundles the kingdom’s non-oil state-owned companies. It holds stakes in over 35 commercial enterprises, representing a portfolio value of some 3.4 billion dinars ($9.1 billion).
