(MENAFN- Arab News) DUBAI: Dubai-based Islamic mortgage lender Amlak Finance posted a 22 percent rise in attributable net profit for 2014 on Wednesday as gains from its debt restructuring offset write-downs in its property portfolio.

Amlak''s net profit attributable to equity holders rose to AED58.9 million ($16 million) in 2014 from AED48.2 million a year earlier according to its financial report announced on Dubai''s bourse.

The company signed a $2.7 billion debt and financing restructuring deal with creditors last November after protracted negotiations since its shares were suspended in November 2008 in the wake of the global financial crisis and a local real estate crash.

Amlak''s auditors noted in the statement that the firm had not adjusted the value of its property portfolio between 2009 and 2014. This was a period where property prices initially

slumped significantly in the emirate before rebounding in the last two years.

When addressed as of Dec. 31 2014 Amlak was forced into booking a 2.1 billion-dirham fair value loss on the portfolio the financial statement said.

However Amlak also reported AED1.9 billion in gains from fair value adjustments on a mudaraba instrument linked to its restructuring deal investment deposits and other Islamic financing.

Under a mudaraba structure assets are managed by a bank on behalf of clients with income and expenses shared under a pre-agreed ratio.