GGICO losses at USD272m in 2010

25 Mar 2011

(MENAFN) Gulf General Investment Company (GGICO) stated that losses for the whole year of 2010 stood at USD272 million, a downturn from the USD53.6 million profit reported back in 2009, reported The National.

The company also stated that it shut down five of its subsidiaries that were contributing to the losses. The company cited the losses to a fall in the fair value of equities held and impairments on property.

The company commented on the rest of its nineteen subsidiaries saying their performance was well and that they have a forecast of growth.

It is worth noting that the company is currently approaching lenders for debt restructuring.

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