Financial and Banking News
KFTCIC Returns Loss for 1987
Kuwait Foreign Trading Contracting and Investment Company (KFTCIC) posted ahuge loss of KD60.2mn ($212mn) in 1987, after having returned a very smallprofit of KD0.3mn ($1.06mn) in 1986 and a larger loss of KD81.9mn ($289mn) inI985. For 1987 it has set aside KD59.8mn in provisions for bad debts. Accordingto KFTCIC's Chairman, Mr. Abdullah al-Gabandi, provisioning in 1987 wassubstantial because...