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Tuesday 15 June 2021
HomeWorldKuwait's Global Q3 loss more than doubles

Kuwait’s Global Q3 loss more than doubles

Kuwait’s Global Investment House on Sunday said its loss for the third-quarter more than doubled, hurt by a sharp drop in the value of its investments.

Global posted a loss of 11.8 million dinars ($41.96 million) for the third-quarter compared with a loss of 5.6 million dinars for the year-earlier quarter, the company said in a statement.

The firm made a loss of 46.2 million dinars ($164.3 million) in the nine months of 2010, compared with a loss of 104.2 million dinars ($370.5 million) in the year-earlier period, the statement said.

Global incurred a loss from depletion in value of financial assets of 10.3 million dinars in the quarter, compared with a gain of 1.7 million dinars the previous year.

Global, one of Kuwait’s biggest investment firms, said it would continue to monitor costs and expects more job cuts this year.

The company said it reached a deal with creditors in December to reschedule $1.7 billion in debt and entered into new three-year facilities with each of its 53 lending banks.

In May, the firm’s shareholders approved a 76-percent share capital hike worth around $346 million but its managing director said the firm does not expect the increase to proceed this year and instead the firm will probably start negotiations with investors in the first quarter of next year.

Global shares were unchanged at 59 fils on the Kuwait bourse Sunday at 0653 GMT. There are 1,000 fils to a dinar.

On Thursday, Kuwait Finance House (KFH), the country’s biggest Islamic lender, posted a 23-percent decline in third-quarter net profit, missing forecasts.

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