, whose shareholders approved the issuance of $40 million in preference shares on Wednesday, has seen improvement in its first quarter after its first ever annual loss, its president said.
Mohammed al-Shroogi told Al-Arabiya TV on Wednesday it was difficult to predict the company’s results for its current financial year.
“Q1 seems there is a good improvement,” he said. “I would like to mention that
Investcorp
is prepared and able to go back to profitabilty with the ongoing restructuring.”
, whose fiscal year ends on June 30, posted its first-ever annual loss of $781 million in its 2008-09 year, as its portfolio companies were hit by the global economic turmoil.
The company said it raised over $500 million in fresh capital from regional investors in August to reduce its debt and make investments.
On Wednesday, it said shareholders had given the green light to issuing more preference shares to meet investor demand above the original $500 million issue.
Nemir Kirdar, executive chairman and chief executive of Investcorp, declined to give an outlook on
Investcorp
‘s financial year during a briefing in Manama on Wednesday.
is under pressure to generate earnings as the economic crisis has hit one of its revenue sources, fees from private equity transactions.
Kirdar said that the company is considering offering investment banking services in the Gulf Arab region.
“We would like to help family businesses, organic businesses in a role of financial advisors and investment advisors,” he said. (Reuters)
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