GCC Q2 corporate earnings down 7%
22 Aug 2011
(MENAFN) Kuwait Financial Centre (Markaz) said that as a result of a low performance by the telecom sector in the region, in the second quarter of the year, GCC’s corporate earnings dropped 7 percent from 2010 reaching USD12.8 billion, reported Arab News.
The centre added that compared with last year, the telecom sector’s net income went down 66 percent as a result of Zain’s one time profit from discontinued income reported a year ago, while it declined 11 percent excluding Zain’s one-time adjustment.
On the other hand, the banking sector’s performance was the strongest in the period, with profits reaching USD5 billion, whereas real estate sector’s profit grew 127 percent in the quarter from 2010 reaching USD386 million.
It is worth noting that due to growing earnings in all sectors in the year’s second quarter, Saudi firms’ total profit grew 25 percent in the first half of 2011 to USD12.7 billion.