Kuwait's Global posts $19.6m Q3 loss

Investment bank's losses narrow by 81%, says it needs to restructure estimated $1.75bn of debt.
Kuwait's Global posts $19.6m Q3 loss
By Soren Billing
Mon 09 Nov 2009 04:53 PM


Global Investment House

on Monday posted a KD5.6m ($19.6m) net loss in the third quarter and said it needs to restructure an estimated KD500m ($1.75bn) of bank debt.

The Kuwaiti investment bank’s loss narrowed by 81 percent from the previous quarter but losses on investments and shares of associates dragged on the results, it said.

Global

made a KD104.2m loss in the first nine months of the year, as it took a KD41.7m hit from investments and real estate, while losses from the results of associates came in at KD29.9m.

The bank, which defaulted on loan repayments last year, said it has continued to meet all its debt service payments.

The size of total bank debt to be restructured is expected to be KD500million ($1.75bn) but outstanding bonds of KD89.5m ($312m) are expected to be paid on schedule, it said.

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