DUBAI, Sept 14 Bahrain-based investment firm
Arcapita swung to a profit in its fiscal year ended
June 30, it said on Wednesday, helped mainly by multiple exits
or disposals of assets in its investment portfolio.
The Islamic investment firm recorded net income of $50.2
million compared with a loss of $560 million for the year
Arcapita said it completed seven full and partial exits
during the year, returning about $1 billion to the firm and its
The company was badly hit by the crisis as it struggled to
exit its investments due to global investment woes and its fee
income from raising fresh funds in the Gulf Arab region
Arcapita, whose total assets stood at $3.7 billion at June
30, raised $435 million from its investment in property firm
Mapletree Industrial Trust last year and sold a
portfolio of senior living communities in the United States for
$630 million in early 2011. .
It needs to refinance a $1.1 billion murabaha loan due in
April 2012. Arcapita plans to exit more investments and use
funds for part repayment of the loan, its Chief Executive Atif
Abdulmalik said in June.
(Reporting by Dinesh Nair; Editing by David Holmes)