KUWAIT CITY: Global Investment House, a leading Kuwaiti investment firm, on Thursday said its net loss narrowed to 69.5 million dinars ($240 million) from a loss of $1.16 billion in the previous three months.
The latest figure compares with a net profit of 34.7 million dinars ($120 million) in the first quarter of 2008, the company said in a statement.
Global has been severely hit by the global economic meltdown and defaulted on its debt. Its big fourth quarter loss led to it reporting a net loss of $881 million for the whole of 2008.
“The first quarter results continued to be impacted by global and regional market turbulence and material decline in overall investment and investment banking activities in the region, Global said.
“However, the reduced pace of decline followed by some restoration of confidence was reassuring, it said.
In December, Global said it defaulted on the majority of its debts and appointed HSBC Bank as financial adviser to renegotiate the existing credit facilities’ terms with the lending bank group.
The company has continued to meet all its debt service payments as they fall due, it added.
The firm has reduced costs by more than 20 percent through decreasing its workforce by 10 percent, scaling back salaries and canceling all 2008 related bonus payments, it said. -AFP
