Arab Today, arab today kuwait’s global investment improved its h1 performance
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Kuwait’s Global Investment improved its H1 performance

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Arab Today, arab today Kuwait’s Global Investment improved its H1 performance

Kuwait - Arabstoday

Kuwait’s Global Investment House improved its H1 performance on year-ago levels.  In H1 2012 Global Investment House generated KWD4.9 million of operating income from the fee-based businesses of asset management, investment banking and brokerage. During H1 2012, the Asset Management business remained resilient with KWD985 million ($3.5 billion) of assets under management. Several funds managed by Global outperformed their respective indices and peers. Global’s EPADI Fund received “GCC Equity Fund of the year” and the Global Distressed Fund received the “Fund of Funds of the Year” award by Mena Fund Manager. During the quarter ended June 30, 2012, the Principal Investments loss stood at KWD1.5 million. Global continues its drive to rationalise its cost base. Staff costs in H1 2012 were 19 per cent lower than the H1 2011. Other operating expenses increased by 35 per cent to KWD7.3 million, mainly due to costs associated with a project to seek a long-term solution to the company’s capital structure, excluding this one-off expense, other operating expenses declined by 28 per cent in H1 2012 on year ago levels. The firm recently tabled a $433 million debt for equity swap. Interest costs reduced by three per cent to KWD11.6 million compared to H1 2011 interest cost of KWD11.9 million. During H1 2012 Global made $24.1 million principal repayments, bringing the total repayments since inception under the restructured bank debt to $266.1 million (15.3 per cent of the original principal amount). Shareholders’ equity stood at KWD2.12 million compared to last year’s KWD37 million. Global was founded in 1998 and was listed with Kuwait Stock Exchange in 2003 with paid up capital of KWD131.2 million. Assets stood at KWD538.9 million offset by liabilities of KWD510.8 million for the first six.months of the year. from:Gulftoday

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