Real estate related economic and financial news covering the MENA region.
Global Investment House cuts Q1 loss
May 31, 2012
Kuwaiti investment firm, Global Investment House (GIH) has said it has managed to cut its first-quarter loss compared with the same quarter of last year, Reuters has reported. The investment firm, which is currently undergoing its second debt restructuring in three years, made a loss of KD11m ($39.3m) in the three months to March 31, down from a KD22m loss for the same period of 2011. The decline in net loss was attributed to a drop in writedowns, with gains on investments recorded at KD746,000, compared with a KD10.6m loss in the first quarter of 2011.