Kuwait-based Gulf Investment House has announced that it has recorded a loss of KD 2 million in the first quarter of this year.

The sources said that bank's assets in the end of March amounted to KD 121 million, while the value of the foreign debts was twice as much.

The sources further added that the company has described the loss as 'a positive development,' compared to the losses posted in the fourth quarter of last fiscal, which amounted to 16.24 fils per share.