Waha Capital PJSC reported consolidated earnings results for the second quarter and first half ended June 30, 2012. For the period, the company reported total revenues of AED 112.1 million compared with AED 147.8 million during the same period in 2011. Despite taking prudent provisioning during this period on legacy assets, the company recorded a net profit for the first half of 2012. This conservative approach, in the midst of challenging market conditions, has placed the company in a stronger position and further reinforced its already strong balance sheet. Earnings per share on an adjusted basis were AED 0.00 compared to AED 0.02 achieved during the corresponding period in 2011. total income was AED 114.365 million compared to AED 147.138 million a year ago. Profit attributable to the owners of the company was AED 3.478 million compared to AED 35.782 million a year ago. Profit for the period was AED 3.019 million compared to AED 35.782 million a year ago. Operating profit was AED 0.801 million compared to AED 36.455 million a year ago. Net cash generated from operating activities AED 10.723 million compared to AED 0.843 million a year ago. Purchase of other fixed assets was AED 0.132 million compared to AED 0.242 million a year ago. Payments made for development of investment property were AED 198.623 million compared to AED 91.569 million a year ago. For the second quarter, the company reported loss attributable to the owners of the company was AED 12.389 million or AED 0.01 per basic and diluted share compared to profit of AED 6.013 million or AED 0.00 per basic and diluted share a year ago. Loss for the period was AED 12.604 million compared to profit of AED 6.013 million a year ago. Operating loss was AED 12.499 million compared to profit of AED 5.706 million a year ago. The Board of Directors also agreed to appoint Chief Executive Officer Salem Al Noaimi to a new role as Managing Director, responsible for leading the company's strategy, as well as maintaining and building strong relationships with key stakeholders.