GFH announces second quarter results.Summary: Gulf Finance House (GFH GFH Ghetto Fighters' House (Holocaust museum and archives in Israel) GFH Granular Ferric Hydroxide (trademark of Siemens AG) GFH George Frederic Handel (composer; 1685-1759) ), the leading Middle Eastern Islamic Is·lam n. 1. A monotheistic religion characterized by the acceptance of the doctrine of submission to God and to Muhammad as the chief and last prophet of God. 2. a. investment bank today announced its results for the second financial quarter of the year. The Bank reported a net loss for the second quarter of US$ 54 million (US$ 92 million loss for the year to date), which compares to a profit of US$ 104 million made during the second quarter of 2008 (US$ 220 million for 2008 year to date). The results are due in part to the continued challenges faced in regional placement activity with total income of US$ 18 million for the second quarter (US$ 68 million year to date) compared to US$ 199 million in the second quarter of 2008 (US$ 386 million for 2008 year to date) and provisions taken against balance sheet assets. Total provisions for the quarter amounted to US$ 38 million (US$ 81 million year to date) representing write downs of investments and receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed . Gulf Finance House (GFH), the leading Middle Eastern Islamic investment bank today announced its results for the second financial quarter of the year. The Bank reported a net loss for the second quarter of US$ 54 million (US$ 92 million loss for the year to date), which compares to a profit of US$ 104 million made during the second quarter of 2008 (US$ 220 million for 2008 year to date). The results are due in part to the continued challenges faced in regional placement activity with total income of US$ 18 million for the second quarter (US$ 68 million year to date) compared to US$ 199 million in the second quarter of 2008 (US$ 386 million for 2008 year to date) and provisions taken against balance sheet assets. Total provisions for the quarter amounted to US$ 38 million (US$ 81 million year to date) representing write downs of investments and receivables. Throughout the second quarter the Bank focused not only on the origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real of new projects but increasingly on the management and oversight
Oversight may refer to:
GFH Chairman Dr. Esam Janahi commented on the results today saying, 'Unsurprisingly, given prevailing global economic conditions, raising funds for any financial institution has remained extremely challenging in recent months. Caution amongst the investment community has carried through to the second quarter and this trend has dictated dic·tate v. dic·tat·ed, dic·tat·ing, dic·tates v.tr. 1. To say or read aloud to be recorded or written by another: dictate a letter. 2. a. our activity.' 'We have used this period to reinforce prudent measures that secure the Bank's position and prepare it for a new growth period in the years ahead. During the second quarter of the year we've focused not only on the origination of new projects, but increasingly on the management and oversight of existing initiatives.' 'Naturally we continue to pay close attention to emerging high value investment opportunities across a changing marketplace and we're optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the future. Our new CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Mr. Ahmed Fahour Ahmed Fahour is an Australian of Syrian descent,[] and is the Chief Executive Officer of the Australian operations of the National Australia Bank (NAB). The eldest son & child of immigrant Syrian parents, he studied at St Joseph's College in North Fitzroy, and , is devoting his energy and vast experience to the pursuit of continued diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. and new international investor audiences.' Incoming Gulf Finance House CEO Ahmed Fahour added, 'In one of the toughest trading years on record, GFH has continued to absorb the harshest effects of the downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. , adapt the business model to market conditions and lay the groundwork for the future.' 'The global recession is creating some excellent investment opportunities right now and this factor has given rise to our planned rights issue. The capital raising exercise which is still subject to shareholder approval but has now received the CBB's 'in principal' approval, gives notice of our determination to take full advantage of opportunities on behalf of our loyal investors.' 'The steps we're taking and the announcements we anticipate over the next few months are focused entirely on building the strongest organization possible. We make no secret of our plan to establish GFH as the world's leading Islamic investment bank and all our efforts will be driven towards this goal.' 2009 Al Bawaba (www.albawaba.com) 2009 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion