Dlala Holding 1st Half 13: Performance impacted by Exceptional items

30/07/2013 10:57 AST

Dlala Holding has recorded a Net Loss of QR. 22.6 Million for the six months ended 30th June 2013. Company recorded an Operating Profit of 25.3 Million and the net loss was resulted due to exceptional and non-routine expenses of QR. 48 Million including Provision for legal cases and permanent impairment on securities investment.

Chairman of Dlala Holding Mr. Nasser Al Sulaiti said that Dlala holding is in the right track of growth and cleaning up the books related to old cases of 2006 and 2008 and improving the asset quality were the key concerns of the management for the 1st half of 2013 and it was really a tough and bold decision of the board.

Mr.Sulaiti also said that Dlala's key focus is to improve business efficiency at each and every level of operation. He also emphasized the various actions taken by the new Board of Directors to accelerate the growth of Dlala holding operational performance.

Managing Director Mr. Ahmed Al Asmakh said that Dlala's operational performance for the first half of 2013 was remarkable and net loss due to exceptional items resulted a temporary situation and the Management, with full support of the Board, has taken necessary legal actions against concerned parties to recover a major part of the provisions related to legal cases. He also said that loss on permanent impairment can be recovered in the coming quarters considering the growth in Qatar Economy.

Press Release