It was recently seen that Dell on Thursday reported its first increase in quarterly profits. It was helped by its commercial spending and its continuing efforts to reduce costs.
It was noticed that the net income for the three months that ended April 30 was US$441 million. There was rise in net income by 52% compared to the same quarter last year.
On Sunday, Oman International Bank, the sultanate's fourth-biggest bank according to market value, said that its first-quarter net profit dropped 11.2%, damaged by bigger loan loss provisions.
The bank posted a net profit of 5.66 million Rials ($14.70 million) in first-quarter, compared with 6.37 million Rials in the first quarter of 2009.
The outcome failed analysts' average prediction of 6.02 million Rials in a Reuter’s poll.
On Sunday, Kuwait's Gulf Bank posted a net loss of 524,000 Dinars ($1.82 million) in the first quarter of 2010 after earnings of 1.6 million Dinars during the same period a year back.
A statement on the Kuwaiti bourse website on Sunday did not disclose a reason for the loss.
According to a Reuter’s survey, analysts at Global Investment House had predicted Gulf Bank to report net revenue of 8 million Dinars in the first quarter.
Apple has recently announced impressive results and its share price went up quite smartly. The company has managed to sell a record amount of its popular smart phones.
The most awaited Apple iPad has been introduced to the market in the early weeks of April this year and since then, its sales has been highly impressive. The company has sold around 8.8 million of iPad devices in these days.
Meeting the analyst’s expectations, Al-Rajhi Bank has posted a dip of 2.8% in the quarterly profit, as it had put in reserve cash for bad loans. Al-Rajhi is the biggest known lender of Saudi Arabia by market value. The average financing increased 6.2% to 117 billion Riyals, and the rise in the customer deposit was inclined 8% to 120 billion Riyals.
Depa Ltd., contractor for the interior fittings for the world's tallest tower in Dubai, forecasted the same growth in the profits as was during this year.
According to them their net income rose to 23%, 240 million dirhams ($65.4 million), prior to adjusting impairment losses on acquisitions, where as the revenue rose to 36 percent, 2.7 billion dirhams. This was attributed to its operations in Abu Dhabi and Asia.
Hit by decline in cargo traffic, the adjusted full-year profit of the Dubai government-controlled ports operator DP World declined 46 per cent. However, the firm is eying on getting benefit from improving market conditions to achieve recovery in 2010.
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