Thursday, 20 August 2009

Earnings at Investcorp swing into the red

Investcorp, a large asset manager listed in Bahrain and London, saw global economic woes drag its full-year earnings into the red for the first time.

The company that once owned Gucci and Tiffany before floating them on the New York Stock Exchange, also posted a US$269.5 million (Dh989.87m) loss in the January to June period following massive write-downs of its private equity and real estate investments.

Investcorp called the past year “the most challenging since its formation in 1982”.

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