The Dubai investment company Gulf General Investment Company (GGICO) reported a loss of over Dh1 billion in 2011 as it continues its debt restructuring.
In a statement to the Dubai Financial Market today, GGICO said its loss was Dh1.08b in 2011, compared with Dh973m a year earlier, blaming the results on "impairment of real estate, fair losses in financial securities, impairment on revaluation of repossessed apartments and providions in receivables."
Revenue for 2011 is Dh1.983m, down from Dh2,853m in 2010.
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