First Investment ''08 net falls 87%

11/04/2009 00:00 AST

Kuwaits First Investment Co. posted a 87 percent fall in 2008 profit on Thursday, the latest investment firm from the Gulf Arab states financial sector to take a hit.

Full?year net profit came in at 3.22 million Kuwaiti dinars ($11 million) after 25.37 million dinars in 2007, the firm said in a statement on the Kuwait bourse website.

It gave no reason for the profit fall or provide quarterly data. Company officials could not be reached for comment.

The company, which offers asset management and advisory services, also said its board recommended paying no dividend for 2008.

Total liabilities rose to 120.9 million dinars in 2008 after 75.9 million dinars in the previous year. Assets gained to 250.5 million dinars after 215.6 million dinars in 2007. Trading in the firm resumed with the stock rising 5.5 percent. The bourse had halted the stock and several other shares last week for failing to report earnings on time.

Major sector rivals such as Global Investment House or Investment Dar have yet to report 2008 financials.

Reuters