Tuesday, 4 August 2009 at 08:50, Reuters, Dubai
Kuwaiti fund manager KAMCO, cited in a legal action by the U.S. authorities, reported on Monday a 94.82 percent slump in its second-quarter profit.
KAMCO said in a statement posted on its website that its profit in the quarter fell to 275,760 dinars ($961,000) from 5.321 mln dinars in the same period a year ago.
The company did not provide a reason for the decline but said in a statement it would continue to take a cautious approach towards capital markets.
KAMCO is part of Kuwait Projects Co (KIPCO), the country's biggest investment company by assets, which reported a 56.5 percent fall in its second-quarter net profit on higher provisions.
The U.S. Securities and Exchange Commission (SEC) last month filed lawsuits against a Kuwaiti financier and two Gulf firms -- Bahrain-based investment bank, United Gulf Bank and KAMCO -- accusing them of having improperly earned millions of dollars from share trades in two U.S. firms.
KAMCO has said it made no gains from the trades.
The financier, Hazem Al-Braikan, was found dead in an apparent suicide last month.
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