Global, whose two largest shareholders are the governments of Kuwait and Dubai, had a net loss 16.7 million dinars ($61.1 million) in the second quarter, according to Reuters calculations, compared to a net loss of 20.2 million dinars in the year-earlier period.
The firm said its asset management, investment banking and brokerage operations generated operating income of 8.3 million dinars in the first half.
Global said interest expenses were cut by 7 percent during the period while operating expenses were 33-percent lower in the first half this year than in 2010.
Global, which said its first half results were hit by political unrest in the Middle East and North Africa, reported a wider net loss in the period of 38.7 million dinars, compared to a loss of 34.4 million dinars in the first half of 2010. It did not provide a quarterly breakdown of results.
“Principal investments losses stood at 28.2 million dinars during the first half ... largely due to 6.8 million dinars losses from share of results of associates and the political unrest,” Global said in a statement.
The investment firm, which was hard hit by the global financial crisis in 2008, said debt was reduced to 504.8 million dinars in the first half of 2011, from 578.95 million dinars in the year-earlier period.
“On 13 July ... the majority lenders approved an amendment to the facilities agreement to waive until March 31, 2012 a condition that might have restricted any negotiations for the rescheduling or restructuring of the Group’s indebtedness,” it said.
