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