06/08/2020 10:11 AST

Bahrain’s Investcorp slipped into a $165 million loss for the 12 months ended June 30, against profits of $131 million a year ago.

The COVID-19 played its part in the loss, as fee income contracted 23 per cent to $288 million from $376 million. “Despite reduced fee income, the increased reliance on - and stability of - recurring fee income helped to cover operating expenses,” the company said in a statement.

The ensuing “recession” also impacted on asset-based income, which recorded a $100 million loss from an $89 million profit. It was attributed to “fair value declines” related to a number of assets operating in “secularly challenged industries”, retail being one of them.

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