Q2 profits crash 95% at Kuwait's KAMCO

Kuwaiti fund manager KAMCO, cited in a legal action by the US authorities, reported on Monday a 94.82 percent slump in its second-quarter profit.

KAMCO said in a statement posted on its website that its profit in the quarter fell to 275,760 dinars ($961,000) from 5.321 million dinars in the same period a year ago.

The company did not provide a reason for the decline but said in the statement it would continue to take a cautious approach towards capital markets.

KAMCO is part of Kuwait Projects Co (KIPCO), the country's biggest investment company by assets, which reported a 56.5 percent fall in its second-quarter net profit on higher provisions.

The US Securities and Exchange Commission (SEC) last month filed lawsuits against a Kuwaiti financier and two Gulf firms - Bahrain-based investment bank, United Gulf Bank and KAMCO - accusing them of having improperly earned millions of dollars from share trades in two US firms.

KAMCO has said it made no gains from the trades.

The financier, Hazem Al-Braikan, was found dead in an apparent suicide last month. (Reuters)

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