Leeds Utd suitor posts $1.8m Q3 net profit

  • Share via facebook
  • Tweet this
  • Bookmark and Share
(Getty Images)

(Getty Images)

Bahrain's Gulf Finance House, a unit of which is behind a takeover bid for English football club Leeds United, said on Sunday that it made a net profit of $7.5m in the first nine months of 2012.

In a statement, the bank said its net earnings had grown from $4.1m in the same period last year.

However it added that net profit for the third quarter of 2012 fell to $1.8m compared to $3.4m in Q3 2011.

The bank, whose unit GFH Capital is close to dealing a takeover deal for the Championship club, said total expenses for the third quarter more than halved to $6.9m.

"This decrease in total expenses was mainly attributable to continued efforts to maintain streamlined operations and reduced facilities," the company said in the statement.

It added that it had made "significant progress" on its restructuring plan that aims to improve the bank's capital structure, strengthen its balance sheet and raise funds to pursue its growth strategy.

Last month GFH Capital issued a statement after questions were raised in UK media about whether it had the capability to finance the deal to buy the football club.

A later statement issued earlier this month said the deal would be concluded "very soon".

Commenting on the Q3 results, Hisham Alrayes, acting CEO of GFH said: "The bank is fully committed to maintain the growth and profitability that we have recognised over the past few quarters, and remain at the forefront of the investment sector.

"After working on our liability restructuring and achieving excellent results, we shifted our focus to reviving our projects and supporting them towards accelerated development and progress. We are also pursuing a number of unique opportunities through our subsidiaries and associations."

Last month, GFH said that it was making "critical modifications" to its $1.4bn project in Morocco.

The company said in a statement that its Royal Ranches Marrakech was to change to meet new market conditions in Marrakech.

GFH was repeatedly forced into restructuring obligations in 2010 as the firm struggled with its debt burden in the aftermath of the global financial crisis.

Related:

Market Performance

Gulf Finance House - Bahrain
0.52
0.0 0.0 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Capital plans: how Qatar's banks are shaping up

Capital plans: how Qatar's banks are shaping up

Ahli Bank chief executive Salah Murad says that despite competition...

The spectacular rise and fall of Arabtec

The spectacular rise and fall of Arabtec

The ups and downs of Dubai most heavily traded stock teaches...

1
MidEast investors eye $180bn overseas spending

MidEast investors eye $180bn overseas spending

Arab institutional investors have been buying up swathes of ...

Most Discussed
  • 3
    Akbar Al Baker’s double standards?

    Nobody in the aviation industry takes this guy seriously. He is the court jester, saying one thing to get headlines and satisfy his rampant ego while doing... more

    Wednesday, 30 July 2014 10:21 AM - Ronald
  • 1
    UAE issues new law to crack down on shark finning

    It is a start! An excellent example to be nurtured for greater protection, respect and treatment of other living things.
    But like so many other laws... more

    Tuesday, 29 July 2014 12:08 PM - Jane