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Mon 2 May 2011 04:27 PM

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Kuwait's Global Investment Q1 loss widens

The firm does not give a specific reason for the losses but posted a net loss of $38.64 from a drop in the fair value of its financial assets

Kuwait's Global Investment Q1 loss widens
Kuwait-based Global Investment House posted a net loss of KD10.6m ($38.64m) from a drop in the fair value of its financial asset

Kuwait's Global Investment House said Monday its first-quarter net loss widened to KD22m ($80.20m) hurt by a drop in the value of its financial assets.

Global made a net loss of KD14.2m ($51.76m) in the year-earlier period, it said in a bourse statement.

The firm did not give a specific reason for the losses but the company posted a net loss of KD10.6m ($38.64m) from a drop in the fair value of its financial assets.

On Thursday, Global's shareholders approved plans to scrap its 76 percent capital hike, saying regional conditions were not ripe to proceed.

The shareholders also voted to give the company a green light to write off 171.3m ($624.49m) in losses.

In April, the firm won a Dubai court ruling to get back $250m from Abu Dhabi-listed National Bank of Umm Al Qaiwain in addition to $54.6m in interest.

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