Flip through the latest issue of Gulf Weekly.
Bahrain-based Sakana Holistic Housing Solutions posted a net profit of BD486,000 for the period January to June 2009.
Sakana's net financing income stood at BD1.56 million as of June 30, an increase of 121 per cent over June 30, 2008.
Total assets increased to BD39.2 million, up 20 per cent from BD32.7 million, mortgage assets stood at BD32 million from BD23.3 million, an increase of 37 per cent.
Abdul Hakim Khalil Al Mutawa, Sakana's chairman, said: "The prevailing market conditions challenged mortgage underwriting for Sakana in this period, which remained significantly low, as did profit margins which were affected by the increased cost of funding.
"We have been able to weather the storm so far and continue to manage costs effectively to remain profitable. We remain optimistic about growing our mortgage business."
R Lakshmanan, Sakana's CEO, added: "The last couple of months have witnessed a marginal increase in real estate activities and it remains to be seen whether the number of transactions will improve towards the end of the year.
"As we move forward in 2009, Sakana remains confident and will continue to provide financing for residents of up to 90 per cent of property value with BD350,000 as maximum amount of finance."
