Gulf Finance House first-quarter profit increase driven by emerging markets deal
Bahrain-based Gulf Finance House (GFH) on Sunday reported a 27 percent increase in first-quarter net profit compared to the year-earlier period, driven by the conclusion of a deal in an emerging market.
Deputy Chief Executive Peter Panayiotou declined to give details about the deal, which he said was the main contributor to the increase in first-quarter profit to $72.2 million.
"The majority of the revenue was derived from a development infrastructure deal in an emerging market," Panayiotou told Reuters.
The Islamic firm, which invests in several infrastructure and real estate
projects in the Gulf Arab region, also has investments in Jordan, Morocco
In October the firm announced a $2 billion plan to develop an energy
business district in India, and in December said it would invest at least $1
billion in China in 2007. The firm has since said it may double or triple
its India investment.
In January, the bank said it would set up an office in London to look into
European investment opportunities, and announced plans to list on the London