Bahrain's Arcapita swings to fiscal profit

Bahrain-based investment firm Arcapita swung to a profit in its fiscal year ended June 30, it said on Wednesday, helped mainly by multiple exits or disposals of assets in its investment portfolio.The Islamic investment firm recorded net income of $50.2m compared with a loss of $560m for the year before.Arcapita said it completed seven full and partial exits during the year, returning about $1bn to the firm and its shareholders. The company was badly hit by the crisis as it struggled to exit its investments due to global investment woes and its fee income from raising fresh funds in the Gulf Arab region collapsed.Arcapita, whose total assets stood at $3.7bn at June 30, raised $435m from its investment in property firm Mapletree Industrial Trust last year and sold a portfolio of senior living communities in the United States for $630 million in early 2011. It needs to refinance a $1.1bn murabaha loan due in April 2012. Arcapita plans to exit more investments and use funds for part repayment of the loan, its Chief Executive Atif Abdulmalik said in June.