The Bahraini-based United Gulf Industries Corp (UGC), which specializes in industrial projects investments in the Gulf region, incurred losses last year reportedly due to financial difficulties facing its subsidiary and partner companies.
Recently published financial reports reveal that UGC had incurred five million Bahraini dinars worth of losses by the end of 2000, compared with BD 3.774 million at the end of 1999, reported the London based Al-Sharq Al-Awsat daily.
This reflects a 33 percent rise in lost revenue. As a result, the company is considering lowering its capital value from BD 22.550 million to BD 11.521 million, a 50 percent decrease. ― (MENA Report)
© 2001 Mena Report (www.menareport.com)
