News & Press Releases

31.01.2010

Esterad Announces the 2009 Full Year

The Board of Directors of Esterad Investment Company announced the results for the financial year ending 31st December 2009 following their meeting on Thursday 28th January 2010. The net loss for the period ended 31st December, 2009 amounted to BD 3,775,120 as compared to a net loss of BD 11,054,121 in the corresponding period the previous year. The total comprehensive loss was BD 992,691 compared to a total comprehensive loss of BD 13,987,191 in the previous year. Given the unprecedented Global financial turmoil during the past two years and the fact that the global economy is still in the early days of recovery, this was an extraordinary end to the year for Esterad. The performance in 2009 underscored the strength of the management team and the resilience of the business model, which continued unabated throughout the downturn. As we enter 2010, we remain optimistic about the prospects for several regional and global markets, and the Company’s performance going forward. The Company continued to maintain its strong balance sheet by preserving shareholders’ reserves and sound liquidity, through prudent liability management and adoption of conservative accounting policies. In the mean time the Board of Directors has recommended to the General Assembly not to distribute any cash dividends or bonus shares for the year ending 2009.

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