Global has an announcement at the DFM today commenting on press reports that it lost KD120 million in 2009. The announcement states that GIH's financials are with the Central Bank for its approval and until it receives the approval of the Central Bank of Kuwait, it cannot comment.
As of 30 September 2009, GIH had reported a net loss of KD105 million so a loss of KD 120 million would not be anything dramatic. Operating expenses run about KD17 to 18 million per quarter. There were probably some additional provisions required (as Ms. AlGhunaim has hinted in interviews) and as well perhaps some expenses associated with the restructuring.
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