Ithmaar Bank shares surge on second quarter results

16 August 2010

Kuwait's KSE Market or Price Index ended 0.16% lower at 6,647.80 points. Top gainer at the KSE was Bahrain's Islamic bank Ithmaar. Its shares surged 7.81% to KD0.0345. Ithmaar reported Sunday a profit attributable to the shareholders' for the second consecutive quarter and announced year-to-date profits of $4.6m as compared to a loss of $47.6m during the same period last year. Logistic-specialist Public Warehousing Co. or Agility lost 2.17% and finished at KD0.460. Agility reported on Sunday a net profit for the second quarter of 2010 plummeted 52.4 percent compared to last year. In November 2009, a US grand jury indicted Agility for allegedly overbilling the Pentagon by illegally inflating prices for supplies to the US Army in Iraq. The army cancelled the main contract from Agility, blocking the firm from applying for new ones. The court case is still pending.

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