Kuwait's KIPCO arm posts $39m loss in '08

TROUBLED TIMES: KIPCO owns stakes in 50 companies and operates in 21 countries.

Kuwait's United Industries Co (UIC), a unit of Kuwait Projects Co (KIPCO), made a loss of 11.23 million dinars ($38.93 million) in 2008 on new investments and stock market losses.

In 2007, the firm posted net profit of 27.94 million dinars, it said in a statement on Tuesday.

"UIC losses were due to that most of the direct investments are new... and the decline of our portfolio value of listed shares in local stock markets," Chairman Sheikh Khalifa Al Sabah said in a statement.

The news came a day after Burgan Bank, the commercial banking arm of KIPCO, posted a fourth-quarter loss of 28.4 million dinars after taking provisions.

UIC's total assets grew six percent to 198 million dinars in 2008, while the value of total investment was up by nine percent to 189 million dinars, it said.

The firm proposed no dividends or bonus shares for 2008.

KIPCO, which owns stakes in 50 companies and operates in 21 countries, is expected to post its 2008 results on Monday.

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