GFH stays in the red
Gulf Finance House is on a questionable way of rise and fall because of its overextension with ambitious real estate adventures before the collapse of the world economy in 2008.
The $11.2m second quarter loss seems to be because of higher finance expenses and exchange rates.
The paring of the bank's losses turned around with a modest profit of $700,000 for the first half of the year with total income rising 27% to $32.8m on the back of asset sell-offs, including exits from investments in Bahrain Financial Harbor, Qinvest and Saudi Real Estate Company which raised some $300m and the settlement of liabilities.
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