Saturday, Jun 08, 2013
(This article was first published on Thursday.)
BEIRUT (Zawya Dow Jones)--Kuwait's Global Investment House (GLOBAL.KW) said its first-quarter loss significantly narrowed compared with a year earlier mainly due to a sharp decrease in losses from discontinued operations.
The troubled asset management and investment firm said its loss contracted to 3.93 million Kuwaiti dinars ($13.77 million) in the first quarter of 2013 from a loss of KWD11.04 million in the corresponding period last year.
Loss from discontinued operations narrowed to nearly KWD4.91 million from KWD10.34 million in the first quarter of 2012, according to the company's financial statement posted on the Bahrain Bourse website on Thursday.
A reduction in personnel expenses as well as higher fees and commission income also contributed--although to a small extent--to the improvement in the company's performance.
Total assets stood at KWD499.5 million at the end of March, inching up 0.3% compared with the end of 2012.
Global Investment House said last year that it had concluded a deal with its bank creditors as part of a $1.7 billion debt restructuring plan. The deal would result in the creditors' holding 70% of the company's capital.
Global, which is cross listed on the bourses of Kuwait, Bahrain, and Dubai, plans to voluntarily delist its shares from Kuwait.
Write to Shikrallah Nakhoul at shikrallah@zawya.com
(END) Dow Jones Newswires
08-06-13 0715GMT
