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
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
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
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)For all the latest business 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.
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