Gulf Finance House Q3 net profit drops
Manama, November 11, 2012
Bahrain-based investment firm Gulf Finance House (GFH) said on Sunday its third-quarter net profit nearly halved from a year earlier.
The sharia-compliant investment house, heavily impacted by the global debt crisis, said in a statement that its third-quarter net profit dropped to $1.8 million from $3.4 million a year earlier.
Profit for the first nine months of 2012 rose to $7.5 million, up from $4.1 million a year ago.
The total expenses for the third quarter 2012 amounted to $6.9 million as compared to $13.8 million for the same period in 2011.
During the first nine months of the year, GFH reduced its total expenses by 26 per cent to $33.8 million, compared to $45.5 million during the same period last year. This decrease in total expenses was mainly attributable to continued efforts to maintain streamlined operations and reduced facilities.
Hisham Alrayes, ccting CEO of GFH said: “The Bank is fully committed to maintain the growth and profitability that we have recognized over the past few quarters, and remain at the forefront of the investment sector.
“After working on our liability restructuring and achieving excellent results, we shifted our focus to reviving our projects and supporting them towards accelerated development and progress. We are also pursuing a number of unique opportunities through our subsidiaries and associations,” he added.
In September, GFH said its unit had signed an exclusive deal to lead the takeover of British football club Leeds United. – TradeArabia News Service & Reuters