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
More Finance & Capital Market Stories
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO