Gulf Finance House (B.S.C) E.C. Reports Earnings Results for the Fourth Quarter and Full Year of 2011 ; Provides Earnings Guidance for the Year 2012
Gulf Finance House (B.S.C) E.C. reported earnings results for the fourth quarter and full year of 2011. During the fourth quarter of 2011, the company had a net loss of $4 million as compared to a net loss of $187 million in 2010, primarily because of $8 million of impairment provisions?
For the year, the company reported net profit of $381,000 as compared to a net loss of $349 million in 2010. Operating profit before provisions were $9 million in 2011 as compared to a loss of $93 million in 2010, signaling a restart in GFH income.
The company said that it will continue to see positive results during 2012 as investor confidence in GFH.