Kuwait's Global Q3 loss more than doubles

One of Kuwait's biggest investment firms says it will continue to monitor costs and expects more job cuts this year
Kuwait's Global Q3 loss more than doubles
Global is one of Kuwaits biggest investment firms. (Getty Images)
By Reuters
Sun 31 Oct 2010 11:45 AM

Kuwait's Global Investment House

on Sunday said its loss for the third-quarter more

than doubled, hurt by a sharp drop in the value of its

investments.

Global posted a loss of 11.8 million dinars ($41.96 million)

for the third-quarter compared with a loss of 5.6 million dinars

for the year-earlier quarter, the company said in a statement.

The firm made a loss of 46.2 million dinars ($164.3 million)

in the nine months of 2010, compared with a loss of 104.2

million dinars ($370.5 million) in the year-earlier period, the

statement said.

Global incurred a loss from depletion in value of financial

assets of 10.3 million dinars in the quarter, compared with a

gain of 1.7 million dinars the previous year.

Global, one of Kuwait's biggest investment firms, said it

would continue to monitor costs and expects more job cuts this

year.

The company said it reached a deal with creditors in

December to reschedule $1.7 billion in debt and entered into new

three-year facilities with each of its 53 lending banks.

In May, the firm's shareholders approved a 76-percent share

capital hike worth around $346 million but its managing director

said the firm does not expect the increase to proceed this year

and instead the firm will probably start negotiations with

investors in the first quarter of next year.

Global shares were unchanged at 59 fils on the Kuwait bourse

Sunday at 0653 GMT. There are 1,000 fils to a dinar.

On Thursday, Kuwait Finance House (KFH), the

country's biggest Islamic lender, posted a 23-percent decline in

third-quarter net profit, missing forecasts. (Reuters)

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