Islamic mortgage provider Amlak Finance reported a net profit of AED107mn (USD29mn) for FY16, down 23% Y-o-Y compared to AED139mn in FY15. The company’s total assets reached AED6.49bn, down 4.5% from AED6.8bn in 2015. Revenues were up 63% Y-o-Y to AED760mn in FY16, while the operating profit stood at AED243mn, down 13.6% compared to AED280.34mn in FY15. In January 2017, Amlak had renegotiated parts of a debt restructuring which it agreed with creditors. The company had reached a debt restructuring deal in 2014 following a government cash injection. The 2014 debt restructuring allowed creditors to swap AED1.3bn of their original debt to the mortgage company into a convertible instrument to be redeemed over a 12-year period as Amlak sells some real estate assets. (Gulf News)