• Most Popular
  • Most Shared

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

Sun Nov 1, 2009 2:59am EST

Stocks

   

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.

Financials

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)

Financials


More from Reuters

Photo

U.S. probing if al Qaeda linked to airplane incident

WASHINGTON (Reuters) - The Obama administration said on Sunday it was investigating whether al Qaeda was involved in a Christmas Day attempt to blow up a passenger jet and sought to head off Republican attacks over its anti-terrorism measures. | Video

» More Top News
A Delta Airbus 330 airliner sits on a runway at Detroit Metropolitan Airport in Romulus, Michigan in this video grab made December 25, 2009. Credit: REUTERS/WDIV TV/Handout

The battle in mid-air

The attraction of bombing airliners means the aviation industry has to be constantly vigilant in its fight against attackers.  Full Article 

U.S.
A caution sign is seen next to a stock board at the Australian Securities Exchange (ASX) in Sydney September 5, 2008. REUTERS/Daniel Munoz
Political Risk in 2010:

Don't say we didn't warn you

With the financial crisis (mostly) in the past, U.S. investors are eying a fresh start to the coming year. Here's a look at what speedbumps lie ahead.  Full Article 

Global Markets