Financial and Banking News
KIC Posts First Profit for Four Years
The beleaguered Kuwait Investment Company (KIC) finally returned to profitability after three disastrous years, with net income of KD3mn ($10.3) in 1986. Cumulative losses in 1983-85 totalled KD55.2mn ($190mn). KIC's balance sheet, published last week, shows a major restructuring of the state-owned investment company's real estate holdings, with divestments of some KD45mn ($155mn) worth of real...