Bahrain\'s Investcorp Posts $70m Profit despite Market Turmoil
The Bahrain-based investment group, Investcorp, posted a net profit of 70 million dollars last year, reported the Gulf Daily Monday.
But this was a decrease of 44 percent over the previous years record profit of 125.8m dollars, said the Daily.
Total assets stood at 2.9 billion dollars at the end of last year, compared with 3.1 billion dollars at the end of 1999.
"Last year was another year of solid profitability, despite difficult economic conditions," said member of Investcorps management committee, Salman Abbasi.
He said it was a year where profitability was affected by two major problems. "We had to write off $113m and there was turmoil in the financial markets, which was instigated by the huge collapse in technology stocks."
Without these two factors, it would have been another record year for us, he added.
Since the beginning of 1999, as part of a global initiative, Investcorp and its clients have made a series of investments in technology and telecommunications sectors.
According to the firm, up to date, it has completed transactions worth approximately 18 billion dollars -- Albawaba.com