Financial and Banking News
GIC Profits Halved By Losses In Securities Trading
Gulf Investment Corporation (GIC) has announced a sharp fall in profitscaused by heavy losses in securities trading. Net income in the year to 31December 1994 fell by 52% to $62.2mn. Despite gains in interest and fee income,GIC made a loss of nearly $44mn on trading securities, as opposed to a profitof slightly over $100mn in 1993. Gains on investment securities were nearly...
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