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Gulf Finance House swings to Q1 profit

Bahrain-based Gulf Finance House (GFH) has said aggressive cost cutting and the reversal of a bonus scheme granted in 2008 has helped the firm swing to a first quarter net profit, Reuters has reported. The Islamic investment lender said net profit for the quarter stood at $11.9m, compared with a net loss of $7.5m a year earlier. Total income was $26.4m, mainly due to reversal of an employee reward program in 2008 in which the company granted certain bonus shares to employees.