Bahrain sovereign fund Mumtalakat 2012 net loss narrows

DUBAI, July 17 Wed Jul 17, 2013 1:51pm IST

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DUBAI, July 17 (Reuters) - Bahrain sovereign fund Mumtalakat said on Wednesday its net loss for 2012 narrowed by 32.9 percent from the previous year due to the improved performance of its financial services and telecommunications portfolio.

One of the smaller sovereign wealth funds in the Gulf region with $7.1 billion of assets under management at the end of September, the fund holds stakes in 40 firms in the kingdom's non-oil sector, including Bahrain Telecommunications Co (Batelco) and Aluminium Bahrain (Alba).

Mumtalakat made a net loss of 181.7 million dinars ($482 million) in 2012, according to a statement. It had made a net loss of 270.6 million dinars in 2011. ($1 = 0.3770 Bahraini dinars) (Reporting by David French; Editing by Matt Smith)