Gulf cor­po­rate earn­ings slide

The Myanmar Times - - International Business -

THE earn­ings of Gulf-listed firms dropped 8 per­cent in the first half of 2016 due to low oil prices and a lack of liq­uid­ity.

Net prof­its of over 650 firms on the re­gion’s bourses reached US$32.8 bil­lion in the six months against $35.6 bil­lion for the same pe­riod of 2015, said Kuwait Fi­nan­cial Cen­tre Markaz.

All posted drops but for those on the stock mar­ket in Oman, where net earn­ings rose by seven per­cent, the in­vest­ment firm said in a re­port.

Stock ex­changes in mem­bers of the Gulf Co­op­er­a­tion Coun­cil were hit hard last year and in the first few months of 2016 as a re­sult of the sharp fall in oil rev­enues.

“Lower oil prices, liq­uid­ity squeeze and se­date global growth led to de­cline in GCC cor­po­rate earn­ings in the first half of 2016,” said the re­port.

“Dur­ing the first half of 2016, earn­ings in the GCC fell by 8pc over the same pe­riod in 2015.”

The GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Ara­bia and the United Arab Emi­rates, which to­gether pump around 18 mil­lion bar­rels of crude oil daily. –

Newspapers in English

Newspapers from Myanmar

© PressReader. All rights reserved.