Kuwaiti investment firm reports profit

KUWAIT - Kuwait's International Financial Advisors Co. swung to a profit in the half of the year from a year-ago loss due mainly to strong gains in its local investments.


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Published: Sun 17 Aug 2003, 12:15 PM

Last updated: Wed 1 Apr 2015, 7:51 PM

The investment house, in a report carried by Kuwait newspapers yesterday, said it had net earnings of KD5.17 million (about $17 million) in the first six months of 2003, compared to a small loss KD133,500 during the corresponding period last year. It had earnings of 34.8 fils per share during the period. The report did not specify earnings per share for the first half of 2002.

Chairman Mohammed Al Bahar told Rai Al-Aam daily that his company's strong profits were due to the "excellent performance of the company-owned local investment portfolios."

IFA's assets have grown sharply to KD70 dinars ($233.3 million) for the latest period versus KD15 million ($50 million) in the first half of 2002. The company's share rose five fils to 455 fils on the KSE yesterday.

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