Mumtalakat returns to profit in 2013

June 7, 2014 12:07 pm

Bahrain’s sovereign wealth fund, Mumtalakat has announced it has swung back into profit in 2013, due to an improved performance at Gulf Air and lower impairment losses, Reuters has reported. The fund made a net profit of BD82.7m ($219m) in 2013, compared with a net loss of BD181.7m in the previous year, it said. The return to profit was driven “by significantly lower impairment losses and improved operating performance across portfolio companies, in particular Gulf Air”, it added.