Kamco Q2 profit dives 95pc
Dubai, August 4, 2009
Kuwaiti fund manager Kamco, cited in a legal action by the US authorities, has reported a 94.82 percent slump in its second-quarter profit.
Kamco said in a statement posted on its website that its profit in the quarter fell to KD275,760 ($961,000) from 5.321 million dinars in the same period a year ago.
The company did not provide a reason for the decline but said in a statement it would continue to take a cautious approach towards capital markets.
Kamco is part of Kuwait Projects Company, the country's biggest investment company by assets, which reported a 56.5 per cent fall in its second-quarter net profit on higher provisions.
The US Securities and Exchange Commission (SEC) last month filed lawsuits against a Kuwaiti financier and two Gulf firms -- Bahrain-based investment bank, United Gulf Bank and Kamco -- accusing them of having improperly earned millions of dollars from share trades in two U.S. firms.
Kamco has said it made no gains from the trades.
The financier, Hazem Al-Braikan, was found dead in an apparent suicide last month. – Reuters