FINANCIAL NEWS

First Bahrain posts $8.3m loss in 2009

27 May 2010

(MENAFN) First Bahrain, a leading Kuwaiti real estate development company, posted a loss of $8.27 million in 2009, which it attributed solely to a conservative reduction in the value of its land bank in Bahrain, according to a press statement.

Despite this loss, First Bahrain finished 2009 with its current assets being 8 times greater than its total liabilities, highlighting the solid liquidity of the company and its debt free position said Salah Al-Wuhaib, chairman of First Bahrain.

Highlights of 2009 included the successful completion of Phase I of First Bahrain’s Majaal, the kingdom’s first small to medium enterprises (SME)-focused warehousing and logistics facility that was completed on time and on budget, the statement said.

Leasing commenced earlier this year and both local and international companies have already signed on as tenants, it added.

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