May 30 2012
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Global Announces its First Quarter 2012 Financial Results
Key points of the results:
- Fee-based businesses (asset management, investment banking and brokerage) generated operating income amounting to KWD2.4 million
- Global made a USD21.0 million principal repayment of its bank debt during the quarter
Focus on Global's fee-based business
During the quarter ended 31 March 2012, the Principal Investments income stood at KWD0.04 million.
Global continues its drive to rationalize its cost base. Staff costs in Q1 2012 were 12% lower than the Q1 2011. The other operating expenses increased by 49% to KWD3.9 million, mainly due to costs associated with a project to seek a long-term solution to the company's capital structure.
During the quarter, interest costs increased by 2% to KWD6.2 million compared to Q1 2011 interest cost of KWD 6.1 million primarily due to increase in the margin of the restructured facility by 1%.
During Q1 2012 Global made USD21.0 million principal repayments, bringing the total repayments since inception under the restructured bank debt to USD263.0 million (15.1% of the original principal amount).
As announced earlier Global is in constructive and regular engagement with its creditors to seek a long-term solution to its capital structure.
For further information:
The full set of financials will be available on the Global's website (www.globalinv.net) shortly.
Senior Vice President
Marketing & communications
Global Investment House
Tel: +965 2295 1615
Fax: +965 2295 1638
Holborn Gate, 26 Southampton Buildings
London, WC2A 1PB
Tel: +44 (0)20 7269 7132
Mobile: +44 (0)7884 001 949
© Press Release 2012
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