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Kuwait's KIPCO on track to double '09 profit - CEO

Sun Nov 1, 2009 2:59am EST

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KUWAIT, Nov 1 (Reuters) - Kuwait Projects Co (KPRO.KW) (KIPCO) expects to meet its full-year targets despite posting a 56.5-percent fall in second-quarter net profit, its chief executive said on Sunday.

Vice Chairman and Chief Executive Faisal al-Ayyar told Reuters on the sidelines of an economic conference in Kuwait the investment firm was still "on track" to meet forecasts made earlier this year to double its 2009 profit.

"We hope to achieve what we said before," Ayyar said.

KIPCO, which owns stakes in some 50 companies and operates in 21 countries, said in March it expected to double its profit in 2009 and aims to boost revenue by more than 10 percent. It made net profit of 24.1 million dinars ($82.85 million) in 2008.

(Reporting by Rania el-Gamal; writing by John Irish; editing by Amran Abocar)



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