Bahrain's Gulf Finance House Q3 net profit drops

DUBAI Sun Nov 11, 2012 6:36am EST

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DUBAI Nov 11 (Reuters) - Bahrain-based investment firm Gulf Finance House (GFH) said on Sunday its third-quarter net profit nearly halved from a year earlier.

The sharia-compliant investment house, heavily impacted by the global debt crisis, said in a statement that its third-quarter net profit dropped to $1.8 million from $3.4 million a year earlier.

Profit for the first nine months of 2012 rose to $7.5 million, up from $4.1 million a year ago.

GFH did not provide reasons for the lower quarterly figures but attributed the increase in year-to-date profit to a 26 percent reduction in expenses.

In September, GFH said its unit had signed an exclusive deal to lead the takeover of British football club Leeds United. (Reporting By Mirna Sleiman; Editing by Dinesh Nair)