Sakana posts loss for 2010
- Bahrain: Monday, February 14 - 2011 at 09:29
- PRESS RELEASE
At the Board meeting held on 7 February 2011, Sakana Holistic Housing Solutions the Islamic mortgage provider based in Bahrain announced its financial results for the year 2010. Profitability for the year before impairment allowance was BD0.63m against BD0.85m for 2009. After one-off book provisions, the net loss was BD1.63m.
Mr. Reyadh Sater further said that: "Going forward, the business plan for the period 2011-2015 has been finalized and submitted to the shareholders. We believe that long term outlook for residential property and mortgage market is positive and the real estate market will continue to be driven in the short to medium term by end user demand in the low and middle income housing segment."
Mr. R Lakshmanan, Chief Executive Officer, Sakana said that: "We continued to maintain tight control over expenditure during the year which was approximately 12% less than 2009.
We achieved another milestone with successful completion and handing over of "Nasmah" 25 storey tower which consist of 122 apartments targeted at affordable housing market for Bahrainis and non-Bahrainis. We also commenced construction of "Sakana Busaiteen" heritage residences for the contemporary family which is progressing on track and scheduled for handover in 2011. We continued to play our catalyst role by carrying out knowledge sharing initiatives which includes organizing the 1st GCC Mortgage Summit which was well attended by participants from the region.
We also continued to improve the infrastructure of the company by implementing Document Management System, enhancing policies and procedures and continuous training of employees. We take pride in employing Bahraini nationals who constitute 84% of our team strength and male to female ratio of 60:40. Overall, we are well positioned to seize opportunities that may arise in the future."
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