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Wed 11 Nov 2009 10:19 AM

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Gulf Finance House swings to Q3 loss on lower income

Investment firm records Q3 loss of $29m; posts its fourth consecutive quarterly loss.

Gulf Finance House (GFH)

posted its fourth consecutive quarterly loss on Tuesday as revenue from placing investments dwindled.

Bahrain's largest Islamic investment house by market value said it made a net loss of $29m in the three months ended Sept 30, compared with a net profit of $82.1m in the year-earlier period and a second-quarter loss of $54m.

Its business model of earning fees on financing arranged for real estate and infrastructure projects has been hit by a regional downturn in property markets. It also had to book impairment charges on falling asset prices.

It raised $300m in a rights issue in October to repair its balance sheet. (Reuters)

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