Sakana reports strong results for Q1 2009

Sakana's total assets as of 31 March 2009 stood at BD41.1m an increase of 98% over 31 March 2008 at BD20.8m.

During this period, Sakana's mortgage book grew by 81% to stand at BD33.3m as of 31 March 2009.

Sakana's Q1 results follow its recent Annual General Meeting where the company reported a 428% increase on its 2008 performance despite tough market conditions during the second half of 2008.

Mr. Abdul Hakim Khalil Al Mutawa, Sakana's Chairman, commented:

"Despite the crisis, reduction in real estate transactions and the credit crunch we are delighted to report that Sakana has managed to remain profitable."

Mr. R. Lakshmanan, Sakana's Chief Executive Officer, said: "Since the start of the crisis the value of transactions has reduced and with the continued reduction in volume this will have an impact on future results with cost of funds increasing significantly, resulting in lesser margins. We would like to thank the Central Bank of Bahrain for recently clarifying that banks exposure to Sakana will be considered as exposure to financial institution. We expect this may favourably impact our ability to raise funds from banks. As we move forward in 2009 Sakana is still providing financing for residents up to 80% of property value and up to 30 years term ", he concluded."