Debt restructuring, the sale of land and an increase in management fees all combined to finally help the embattled Bahraini investment bank Gulf Finance House return to profit.
The bank, which has been hit hard by the financial crisis, yesterday reported net profits of US$ 4.7 million (Dh17.26m) for the second quarter of the year - up from a net loss of $11.2m for the same period last year.
Despite the apparent turnaround, Gulf Finance House shares were unmoved at 18.5 US cents yesterday, their lowest level since February, as investors and analysts remained sceptical about its prospects.
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