Publication Date:
Mon, 2011-05-02 16:22
Global made a net loss of 14.2 million dinars in the year-earlier period, it said in a bourse statement.
The firm did not give a specific reason for the losses but the company posted a net loss of 10.6 million dinars from a drop in the fair value of its financial assets.
Global’s shareholders recently approved plans to scrap its 76 percent capital hike, saying regional conditions were not ripe to proceed.
The shareholders also voted to give the company a green light to write off 171.3 million dinars in losses.
In April, the firm won a Dubai court ruling to get back $250 million from Abu Dhabi-listed National Bank of Umm Al Qaiwain in addition to $54.6 million in interest.
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