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05-06-14

Bahrain's Mumtalakat net profit reaches USD219m in 2013

(MENAFN) Sovereign fund of Bahrain's Mumtalakat posted profits in 2013 after five year of losses in a row, but is expected to improve performance this year, according to Arab News. The company posted a USD219 million net profit in 2013 compared to USD479.2 million net loss in 2012. A statement said that the profit was driven "by significantly lower impairment losses and improved operating performance across portfolio companies, in particular Gulf Air.� Mahmood Al-Kooheji, chief executive of Mumtalakat, said: "We are very hopeful that we are now on the right path and growth and profitability will stay with us going forward, that I can assure you.�