GFH fell into the red during the third quarter, as provisions at its commercial banking business increased significantly.
The Bahraini investment group reported a net loss of US$7.6 million for the three months to the end of September, compared with a profit of $761m for the same period last year.
GFH’s impairment allowances rose to $6.8m during the quarter from $1.2m a year ago, following a large increase in provisions announced last week by the Bahraini unit Khaleeji Commercial Bank (KHCB).
Last week, KHCB announced an 81 per cent fall in profits to 359,000 Bahraini dinars (Dh3.4m) for the third quarter, driven lower by Bahrain’s tightening economic climate.
GFH’s total income for the quarter dropped by 20 per cent year-on-year to $16m, thanks to foreign exchange losses and higher financing costs.
During the third quarter GFH offloaded its remaining 18 per cent stake in the English football club Leeds United to Eleonora Sport, the family trust of Massimo Cellino, for an undisclosed sum.
The group announced last month that its board has “resolved to approve the proposed settlements with assets of an estimated value ranging between $350m and $400m, subject to the counterparties’ fulfilment of their obligations under the settlement agreements and GFH’s collection of the assets”.
GFH said the estimated value of the assets is preliminary and subject to approval by auditors and regulators, but that the recoveries “will have a positive impact on GFH’s financials for Q4 2016”, giving no further details as to the parties involved.
Fitch Ratings last month revised its outlook for GFH upwards to positive from stable following steps by management to strengthen the firm’s balance sheet by paying down debt and reshaping the business model with a focus on income-generating investments.
GFH’s shares, listed on the Dubai Financial Market, fell 4.8 per cent to Dh1.58 yesterday. However, the group’s shares, one of the best performers on the Dubai exchange, remain up more than 200 per cent for the year to date.
Separately, unit GFH Capital announced yesterday an undisclosed investment in schools operator Ama Group.
jeverington@thenational.ae
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Five healthy carbs and how to eat them
Brown rice: consume an amount that fits in the palm of your hand
Non-starchy vegetables, such as broccoli: consume raw or at low temperatures, and don’t reheat
Oatmeal: look out for pure whole oat grains or kernels, which are locally grown and packaged; avoid those that have travelled from afar
Fruit: a medium bowl a day and no more, and never fruit juices
Lentils and lentil pasta: soak these well and cook them at a low temperature; refrain from eating highly processed pasta variants
Courtesy Roma Megchiani, functional nutritionist at Dubai’s 77 Veggie Boutique
WITHIN%20SAND
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Company%20Profile
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Uefa Champions League play-off
First leg: Wednesday, 11pm (UAE)
Ajax v Dynamo Kiev
Second leg: Tuesday, August 28, 11pm (UAE)
Dynamo Kiev v Ajax
Company%20profile
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U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
Saturday 15 January: v Canada
Thursday 20 January: v England
Saturday 22 January: v Bangladesh
UAE squad
Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly, Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya Shetty, Kai Smith
Company%20Profile
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Company%20Profile
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COMPANY%20PROFILE
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Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Company%20Profile
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
COMPANY%20PROFILE%20
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Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Mina Cup winners
Under 12 – Minerva Academy
Under 14 – Unam Pumas
Under 16 – Fursan Hispania
Under 18 – Madenat
Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.