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Kuwait's KAMCO Posts 95 Pct Fall in Q2 Profit - ASHARQ AL-AWSAT English Archive
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DUBAI, (Reuters) – Kuwaiti fund manager KAMCO, cited in a legal action by the U.S. authorities, reported on Monday a 94.82 percent slump in its second-quarter profit.

KAMCO said in a statement posted on its website that its profit in the quarter fell to 275,760 dinars ($961,000) from 5.321 million dinars in the same period a year ago.

The company did not provide a reason for the decline but said in a statement it would continue to take a cautious approach towards capital markets.

KAMCO is part of Kuwait Projects Co (KIPCO), the country’s biggest investment company by assets, which reported a 56.5 percent fall in its second-quarter net profit on higher provisions.

The U.S. Securities and Exchange Commission (SEC) last month filed lawsuits against a Kuwaiti financier and two Gulf firms — Bahrain-based investment bank, United Gulf Bank and KAMCO — accusing them of having improperly earned millions of dollars from share trades in two U.S. firms.

KAMCO has said it made no gains from the trades.

The financier, Hazem Al-Braikan, was found dead in an apparent suicide last month.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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