May 12, 2019 / 7:13 AM / a year ago

Investment losses in AerCap push UAE's Waha into the red

ABU DHABI, May 12 (Reuters) - Abu Dhabi-based investment firm Waha Capital on Sunday reported a first-quarter loss, hit by investment losses in AerCap.

The firm made a net loss attributable to shareholders of 57.8 million dirhams ($15.8 million) in the three months ending March 31, compared to a net profit of 107.4 million dirhams in the prior-year period, it said in a statement

Reuters reported last week that Abu Dhabi investment firm Gulf Capital and Waha Capital have held exploratory discussions regarding a merger, with talks having taken place over the last few months, sources told Reuters last week

Waha said on Sunday it incurred a loss of 95 million dirhams on the disposal of shares in AerCap and 100 million dirhams towards reassessment of the value of AerCap’s recoverable amount, it said. Waha’s stake in AerCap stood at 10.3% at the end of March.

In recent quarters, tough global market conditions have affected certain investments, and this has been reflected in the bottom line,” said Michael Raynes, chief executive of Waha.

Reporting By Stanley Carvalho; Editing by Elaine Hardcastle

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