Manama : Bahrain's Gulf Finance House (GFH), which is trying to raise more capital to improve its liquidity, made a second-quarter net loss of $39.9 million, according to Reuters calculations.
Business | Banking
Bahrain's Gulf Finance House records loss
- Reuters
- Published: 00:00 August 20, 2010
The Islamic investment house said in a statement its net loss during the first half of the year was $47.7 million, compared with $92.1 million during the year-earlier period.
GFH, which did not disclose details for the second quarter, made a net loss of $54.4 million in the second quarter of 2009.
Bahraini investment houses came under pressure after a regional property crash in 2008 effectively ended their business model of earning fees on investor money they raised for property and real estate projects. GFH has managed to reduce its losses mainly through cost cuts. But it has struggled to sell its assets to pay debts it took during the boom years.
More from Banking
More from Business
Business Editor's choice
-
Ramadan food cost rise forbidden
Ministry of Economy to keep strict watch for consumer law violations
-
Microsoft unveils Xbox One with Spielberg
Xbox One is Microsoft’s first new gaming console in eight years
-
Mariner of the Seas in maiden call on Dubai
1,020-feet-long cruise ship en route to Singapore and China