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Corporate earnings of GCC firms decline for 2nd successive year
The corporate earnings of several GCC firms have fallen for the second consecutive year, reported a Kuwait-based financial services company.
As per the latest report by Kuwait Financial Center SAK Markaz, the aggragate earnings fell by five percent.
Almost 67percent of companies having declared results so far, the total results indicate a five percent decline for GCC during 2009.
As for Kuwait, only 20 percent of the companies have reported their full year earnings till date, revealed an official statement. The fourth quarter earning witnessed a decline due to correction happening in real estate sectors of the UAE, Qatar, Kuwait emirates.
Considering on an yearly basis, the earnings of financial services and real estate sectors, took the largest hit. While the financial services sector met with 67 percent decline, the real estate sector fell 64 percent last year.
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