Bahrain-based Gulf Finance House posted on Sunday an 80 percent decline in first-quarter losses on cost cuts, with revenue recovering from the lows seen at the end of last year.
The Islamic investment house said that its net loss in the three months ended March 31 was $7.5 million, compared with a net loss of $37.74 million in the year-earlier quarter.
GFH said it booked $18.5 million in revenue during the quarter, below the year-earlier quarter’s $49.5 million but above the negative income during the fourth quarter and the $5.7 million during the third quarter of 2009.
The investment house, which has cut job to reduce costs, said operating costs in the quarter fell by 45 percent, without specifying the reference period.
GFH narrowly escaped default in February when it reached an eleventh-hour deal with banks to roll over one third of a $300 million loan for another six months, but analysts have said it needs to sell assets to avoid further funding difficulties.
Its shares have lost about 25 percent in value since the beginning of the year, making it the second worst performer on the Bahrain stock exchange