Global Investment House cuts Q4 loss
Kuwait, March 21, 2011
Kuwait's Global Investment House narrowed its fourth-quarter net loss by almost 40 percent to 27 million dinars ($97.4 million), Reuters calculated, as the firm cut operating and interest costs in 2010.
Global, one of Kuwait's biggest investment firms, reported a full-year net loss of 73.2 million dinars in 2010, compared with a net loss of 148.8 million dinars in 2009, it said in a statement.
The fourth-quarter figure compares with a net loss of 44.6 million dinars in the same period in 2009, according to Reuters data.
The company reduced general operating costs by 35 percent and interest costs by 32 percent in 2010, the statement said.
Global paid back $178.3 million in debt to banks in the year, it said. The company had reached a deal with creditors in December 2009 to reschedule $1.7 billion in debt and entered into new three-year facilities with each of its 53 lending banks. - Reuters