Kuwait's Global Investment House has narrowed its fourth-quarter net loss to KD44.6 million ($154.9 million) in the driving its shares two percent higher.The company reported a full-year net loss of KD148.8 million in 2009, compared with a net loss of KD257.6 million for the year-ago period, it said in a statement on the Kuwaiti bourse website on Sunday. It did not give a reason for the loss.
In January, Global's Managing Director Maha al-Ghunaim said there would be a "huge improvement" in 2009 results, and said was optimistic about growth in 2010, signalling the worst was over.
Reuters calculations based on previous financial data, which showed a net loss in the first nine months of KD104.2 million, put the fourth-quarter loss at KD44.6 million. That compares with a net loss of KD360.5 million in the same period in 2008, according to Reuters data.
Shuaa Capital had forecast Global's fourth-quarter net loss at KD13 million, in a Reuters survey.
Global, one of the country's biggest investment firms, reached a deal with creditors in December to reschedule $1.7 billion in debt, and entered into new three-year facilities with each of its 53 lending banks.
In a separate statement on Sunday, Global said it made a profit of about KD00,000 after selling its stake in Egypt's Real Estate Finance House Co, to Cairo-based Arab African International Bank.
Global said the profit would be included in the 2010 first-quarter results.
The troubles of Global and other investment firms, including major Islamic firm Investment Dar, led the government of the world's fourth-largest oil exporter to approve a rescue package worth KD1.5 billion last year.
Shares of Global surged 6 percent at 0712 GMT after the results were released. (Reuters)For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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