Kuwait's Mayadeen posts $92m loss

13/04/2009 00:00 AST

Kuwaits National Ranges Company (Mayadeen) plunged into a loss in 2008, mainly due to the falling value of investments in an affiliate as the global crisis hits the Gulf.

The firm posted a net loss of KD27 million ($92.88 million) in 2008, compared to a net profit of KD9 million a year earlier, it said in a statement on the bourse website. It gave no quarterly data.

Mayadeen has real estate projects in Dubai and Abu Dhabi, in addition to owning, building and maintaining shooting ranges, according to its website.

Mayadeen chief executive Naser Al-Astar said the loss was due to a decline in the value of investments in an affiliated firm and booking provisions of KD11 million in 2008.

One of the main reasons for the loss is that in the last quarter of 2008, Mayadeen made a KD10 million loss for its share in an affiliated company which posted losses, he said in a company statement, without elaborating.

Total assets fell to KD128.75 million in 2008 from KD146.92 million a year earlier, while shareholders equity was KD68.142 million down from KD109.27 million, the company said.

The firms board recommended paying no cash dividends for 2008. Kuwaits biggest investment bank Global Investment House owns a 14.8 per cent stake in Mayadeen, bourse data showed.


Reuters

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