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PROFIT LOSS: Gulf Finance House has not booked any income on new projects, it said in a statement.
Bahrain-based Islamic lender Gulf Finance House said on Tuesday it made a net loss of $37.7m in the first quarter due largely to provisions it took on its investment portfolio.
Total income for the first quarter was $50m, helped by equity raising for its Energy City Libya initiative, it said in a statement on Dubai's bourse website, adding it made $43m of provisions on investments relating to non-client projects.
"We have taken a very conservative approach in our financial results and have not booked any income on any new projects," the firm's chairman Esam Janahi said in the statement.
The bank made a profit of $116.26m in the year-earlier quarter and posted a net loss of $10.53m in the fourth quarter of 2008. (Reuters)
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