Kuwait's Global narrows losses, pays $178m of debts

Global Investment House reduces its Q4 net loss by almost 40% as it cuts operating, interest costs
Kuwait's Global narrows losses, pays $178m of debts
A Kuwait dinar banknote.
By Reuters
Sun 20 Mar 2011 08:58 PM

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

2010.

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

statement.

The fourth-quarter figure compares with a net loss of KD44.6m in the same period in 2009, according to Reuters

data.

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.

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