We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Thu 12 Aug 2010 05:10 PM

Font Size

- Aa +

Kuwait's Global posts $70.2m net loss in Q2

H1 net loss stands at KD34.4m versus a net loss of KD98.6m in year-earlier period.

Kuwait's Global posts $70.2m net loss in Q2
TURBULENT TIMES: Global Investment House Q2 loss exceeds their earlier estimate of $48.66mn. (Getty Images)

Kuwait's Global Investment House reported a loss of $70.24 million in the second quarter on Thursday due to "turbulence" in the region's markets.

The firm made a loss of $119.56 million in the first half of the year, compared with a loss of $342.71 million in the year earlier period, Global said in a statement on Thursday.

The investment bank did not provide quarterly figures. Global made a net loss of $49.35 million in the first quarter.

Analysts at Shuaa Capital had expected Global to report a loss of $48.66 million in the second quarter of 2010 according to a Reuters survey.

In a separate statement, Global said: "The performance of Global's principal investment book continued to be negatively impacted by the market turbulence in GCC and the rest of the MENA markets where Global's principal investments are focused." Global added that the firm remained confident about the future prospects of these equity markets.

In December, Global reached a deal with creditors to reschedule $1.7 billion in debt, and entered into new three year facilities with each of its 53 lending banks.

The company said on Thursday that "total principal repayments to the lending banks reached $78.9 million representing 46 percent of the total payments due by 10 December 2010."

Global's Managing Director Maha al Ghunaim, said she remained pleased with the success of the firm's strategy of focusing efforts on fee generating lines of business, namely asset management, investment banking and brokerage.

The results were announced after trading hours on Kuwait's bourse. (Reuters)

Arabian Business: why we're going behind a paywall

For all the latest Kuwait 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.