GGICO reports over $272m loss
Dubai, March 29, 2012
Dubai-based Gulf General Investment Company (GGICO) has reported a loss of over Dh1 billion ($272 million) in 2011, compared with Dh 973 million the previous year, a report said.
The company, in a statement to the Dubai Financial Market, blamed the results on "impairment of real estate, fair losses in financial securities, impairment on revaluation of repossessed apartments and providions in receivables", said the Gulf News report.
Revenue for 2011 was Dh1,983 million, down from Dh2,853 million in 2010.
Gulf General said in March last year it hired HSBC Bank Middle East as an adviser to restructure debts owed to banks and the company's board decided to either exit or close five loss-making subsidiaries, the report said.