Thursday, 10 November 2011

Alarm raised over fourth straight quarterly loss for GGICO - The National

Gulf General Investment Company (GGICO) has recorded its fourth consecutive quarterly loss, prompting its auditors to warn about the urgency of adopting a debt-rescheduling plan.

Auditors pointed to significant difficulties for GGICO, a conglomerate listed in Dubai with interests in property and manufacturing.

The company swung to a loss of Dh146 million (US$39.7m) for the third quarter, down from a profit of Dh48.8m during the same period last year.

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