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Kuwait’s Global posts $70.2 mln net loss in Q2

First half net loss came in at 34.4 million dinars.

August 12, 2010 2:59 by

Kuwait’s Global Investment House posted a net loss of 20.2 million dinars ($70.24 million) in the second quarter, according to Reuters calculations.

First half net loss came in at 34.4 million dinars, compared with a net loss of 98.6 million dinars in the year-earlier period, Global said in a statement on Thursday.

The investment bank did not provide quarterly figures. Reuters calculated the figures based on previous data. Global had made a net loss of 14.2 million dinars in the first quarter.

Analysts at Shuaa Capital had expected Global to post a net loss of 14 million dinars in the second quarter of 2010 according to a Reuters survey.

(Reporting by Eman Goma; Editing by Dinesh Nair)

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