FINANCIAL NEWS

Kuwait’s Global reports USD39.3m loss in Q1

30 May 2012

(MENAFN) Kuwait-based Global Investment House (Global), reported USD39.3 million net loss in the first quarter, down from USD78.37 million loss a year earlier, Reuters reported.

This reflects improved performance during the quarter, driven by a drop in writedowns, and gains on investments recorded at USD2.65 million, compared to a USD37.76 million loss a year earlier.

Global said in September it would ask creditors to delay repayments on its debt so it could undertake a second restructuring of its obligations since the global financial crisis hurt its financial portfolio.

The first debt restructuring was agreed in December 2009 involving the reschedule of USD1.7 billion in debt.

Sources reported in January that Global had cut 17 percent of its staff, or 60 employees out of 350, across the Gulf region as part of cost-cutting measures at the debt-burdened firm.

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