International Investor Announces 7.7 KD H1 losses

18/08/2009 00:00 AST

The International Investor Company (TII) announced Monday in a press release that its realized losses amounted to 7.7 million Kuwaiti dinars during the first half of 2009 compared with losses of KD 8.1 million during the corresponding period of the previous year, while the share loss reached 17.5 fils compared with 16.9 fils.

The International Investors losses during the second quarter of 2009 reached KD 5.6 million compared with a loss of KD 5.3 million while the share loss reached 12.7 fils compared with 11.3 fils.

Commenting on these results, the company said that the continuance of the world crisis and its adverse repercussions on the financial sector still creates a foremost encumbrance to local investment companies.

The press statement said that TII could have realized better results and reduced its losses by large had it not been for the global financial crisis. The crisis has considerably influenced the gross revenues of the company.

The International Investor has started implementing restructuring plans at the start of 2008. Such plans encompassed the exit from certain assets, merging some other assets, in addition to reduction of expenses and concentration on expanding the companys existing investments.

TII has been investing in the payment and loyalty card solution sector for a number of years, developing and fine?tuning an innovative and compelling business concept. The company had merged its subsidiary companies under one umbrella called "the Payment and Loyalty Solutions Group". TII is seeing early signs of growth that were realized and are expected to keep on increasing in the upcoming years.

The payment and loyalty business is offering three flexible but distinct configurations; an instalment card, a loyalty program, and IT Security Solutions.

In spite of the availability of certain challenges it is facing as other investment companies do, the Company is confident of the future. As one of its main goals to return to profitability, and continue to grow once the international markets recover.

Al Watan