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Kuwait- KAMCO loses KD 9 mln in 9 months  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 19/11/2012

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(MENAFN - Kuwait News Agency (KUNA)) KIPCO Asset Management Company (KAMCO) announced on Sunday losses were incurred in the year's first nine months, amounting to KD 9.8 million, at a rate of 41.6 fils per share.

This decrease comes as a result of KAMCO's pursue of implementation of its plan to restructure and reduce its assets, which was announced in advance, the company acting chief executive officer, Faisal Sarkhoh, said in a statement.

KAMCO will resume posting earnings, with emphasis on increasing revenues from operational activities resulting from management of assets and offering investment consultation to clients.

However, KAMCO succeeded in posting growth in revenues and management fees by approximately 21 percent, compared with the same period of 2011, statement added.

It also increased the value of client's assets under management to record KD 2.4 billion in September 2012, compared with KD 2.17 billion in the same period of 2011.

 






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