Global Investment House reduces its Q4 net loss by almost 40% as it cuts operating, interest costs
Kuwait's Global Investment
House narrowed its fourth-quarter net loss by almost
40 percent to KD27m ($97.4m), Reuters
calculated, as the firm cut operating and interest costs in
Global, one of Kuwait's biggest investment firms, reported a
full-year net loss of KD73.2m in 2010, compared with
a net loss of KD148.8m in 2009, it said in a
The fourth-quarter figure compares with a net loss of KD44.6m in the same period in 2009, according to Reuters
The company reduced general operating costs by 35 percent
and interest costs by 32 percent in 2010, the statement said.
Global paid back $178.3m in debt to banks in the
year, it said.
The company had reached a deal with creditors in December
2009 to reschedule $1.7 billion in debt and entered into new
three-year facilities with each of its 53 lending banks.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.