Tuesday 31, August 2010 by
Financial services and banking drag GCC corporate earnings in Q2
After two months of the end of second quarter, we now have 75 per cent visibility on trends in GCC corporate earnings. Corporate earnings dropped six per cent QoQ (quarter on quarter) and seven per cent YoY (year on year) to $10.7 billion in 2Q10 primarily due to declines in the telecommunications, financial services and banking sectors, according to a recent report by Kuwait Financial Centre (aka Markaz). The first half of 2010 (1H10) benefited from higher profits during 1Q10, which caused earnings to rise 13 per cent YoY to $22 billion.
