Dubai - Mubasher: Gulf General Investment Co (GGICO) reported losses of AED 37.09 million in the second quarter of 2017, versus losses of AED 5.85 million for the same period last year, according to a bourse filing.
Losses amounted to AED 81.71 million for the first half of the year against profits of AED 14 million in H1-16, the company said in a statement to the Dubai Financial Market (DFM) on Tuesday.
As shown by the company’s financial statements, revenues dropped 45% to AED 143.48 million, down from AED 261 million, while finance costs increased 67% to AED 34.41 million, compared to AED 20.6 million in the corresponding period of 2016.
