IslamicFinance.de

Bahrain-based Gulf Finance House has announced its fourth-quarter net profit has more than doubled due to revenue derived from investments. The investment firm made a net profit of $5.2 million in the three months to Dec. 31, up from $2.5 million in the prior-year period. However, for the 2013 full year, GFH's net profit fell 37.2 percent to $6.3 million. This decline came despite a 20 percent reduction in operating costs, as the firm continued to aggressively cut expenses in the wake of a number of debt restructurings in recent years. GFH, through its Dubai-based subsidiary GFH Capital, agreed to sell 75 percent of Leeds United to Italian Massimo Cellino earlier this month.