The Abu Dhabi-listed firm on Monday said net profit fell to AED29.77 million ($8.11 million) in the first quarter, as compared with AED33.42 million in the comparable period one-year earlier.
Waha said its operating income, which includes share of profits from investment in equity accounted investees, dropped to AED83.4 million from AED112.2 million in the first quarter of last year due to the restructuring and consolidation of investments.
The company said it suffered a loss of AED60.3 million in the quarter from investments in equity accounted investees.
Waha, which is involved in real estate and leasing for the oil and aviation sectors including deals for military planes for the UAE Armed Forces, plans to issue AED500 million ($136.1 million) of convertible notes by the end of June.
The notes will be converted into shares within three years of the issue. Conversion price and coupon rates have yet to be approved by the board of directors, the company said in a statement to the bourse.
In March, Waha’s chief financial officer said the company is eyeing investments in the regional maritime sector in 2011.
