Kuwait Financial Centre S.A.K. “Markaz” announced its 2011 financial results with a net loss of KD 230,000 or 1 fils per share; compared to a net profit of KD 8.2 million in 2010, or 17 fils per share. These results were due to turbulences in local and international investment environment during the year.
Diraar Y. Alghanim, Chairman and Managing Director of ‘Markaz’ said: “Amidst these conditions in the global and local markets and the investment sector during 2011, ‘Markaz’ has sustained its approach in favor of financial prowess and preserving its investments. We continued to steadily rely on high quality assets, low debt-to-equity ratio and high operational income. We were able to preserve our investments during this tough year because of ‘Markaz’ stable income from fees of international and local equity funds and real estate funds in addition to our profitable exits from private equity funds and fee income from investment banking services. We look forward to better results as economic climates improve next year.”
No comments:
Post a Comment