Gulf General Investment Co. reverses previous losses into Dh25 million profit

Gulf General Investment Co. reverses previous losses into Dh25 million profit
2.5 5

Published August 15th, 2013 - 09:46 GMT via SyndiGate.info

Rate Article:

 
PRINT Send Mail
comment (0)
In a statement released by GGICO, the company said profit for the first 6 months of 2013 had reached Dh58 million compared to a loss of Dh41 million in the same period last year (Photo credit: CGICO website).
In a statement released by GGICO, the company said profit for the first 6 months of 2013 had reached Dh58 million compared to a loss of Dh41 million in the same period last year (Photo credit: CGICO website).
More >
Dubai
,
Gulf General Investment Co
,
Simon Philip

 Gulf General Investment Co (GGICO) reported a second quarter profit of Dh25 million ($6.8 million) on Wednesday.

The strong second quarter continues a growth trend for the Dubai-based company who last year reported a second quarter loss of Dh47 million ($12.7 million).

In a statement released by GGICO, the company said profit for the first 6 months of 2013 had reached Dh58 million compared to a loss of Dh41 million in the same period last year.

The company reported Dh902 million in revenue for the first half of 2013 compared to Dh989 million for the same period in 2012.Simon Philip, Assistant Managing Director at GGICO, said that its subsidiaries had performed well resulting in strong performance by the company.

“The absence of valuation losses further strengthened the result,” the statement said.

Philip said the company made a partial payment to December 2013 restructure obligations in March this year bringing the company ahead of obligated payments.

GGICO are obligated to make restructure payments until 2018, Philip said, following cash flow problems.

GGICO is a conglomerate with local and international interests in retail, hospitality, insurance, manufacturing, and real estate development.

Advertisement

© Al Nisr Publishing LLC 2013. All rights reserved.

Post new comment

The content of this field is kept private and will not be shown publicly.