LONDON (Alliance News) - Tejoori Ltd, a Dubai-based Shari'a-compliant investment company, on Tuesday said it swung to a loss in its last financial year, as it booked losses on investment properties.
Tejoori swung to a loss of USD3.3 million in the year ended June 30, from a USD1.3 million profit the prior year.
The revaluation of its investment properties resulted in a loss of USD2.5 million, versus a USD1.4 million gain the prior year.
Its investment properties had a fair value of USD13.9 million on June 30, against USD16.5 million one year earlier, according to an independent estimate, the company said.
Shares in Tejoori were untraded on Tuesday morning in London. The stock closed at USD0.0950 on Monday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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