Muntazahat to divert Qatar investment
KUWAIT CITY, May 30: Board of Directors approved the financial statements of Gulfinvest International Company (Gulfinvest) for the financial statements ending Dec 31, 2010.
Particulars Dec 31, 2010 Dec 31, 2009
Profit (Loss) (KD) (9,620,403) (42,803,655)
EPS (LPS) (fils) (49.60) (226.80)
Total current assets 3,736,424 6,175,257
Total assets 10,326,028 21,864,251
Total current liabilities 44,666,050 46,630,201
Total liabilities 44,697,140 46,630,201
Total equity (34,371,112) (24,765,950)
Total expenses from transactions with related parties amounts to KD 93,581.
The Council recommended withholding dividends for the year ending Dec 31, 2010. Note that this recommendation is subject to the approval of the shareholders and the competent authorities.
Board of Directors of Ajwan Gulf Real Estate Company (Ajwan) approved the financial statements for the Q1 period ending March 31, 2011, dated May 23, 2011
Particulars (3 mnts ending) March 31 '11 March 31, '10
Profit (Loss) (KD) (24,464) (108,867)
EPS (LPS) (fils) (0.24) (1.09)
Total current assets 2,891,352 7,761,634
Total assets 8,271,313 13,478,065
Total current liabilities 169,462 3,854,879
Total liabilities 205,917 3,891,585
Total equity 8,065,396 9,586,477
Kuwait Resorts Company (Muntazahat) will divest a Qatar-based investment, Lusail Water Front, this week at a total value of $7,750 million, equivalent to KD 2,181 million.
The company expects to generate $1,550 million, equivalent to KD 426,000 profit margin that will be reflected on Q2-11 financial statements and used in repaying some debts owed to banks and financial institutions.
© Arab Times 2011
