There was a complete reversal of the net profits of VM Investments from $510 million during the first quarter of last year to a net loss of $32.5 million during the first quarter of this year.
Revenues for the review period this year amounted to $542 million compared with $880.5 million during the similar period last year.
The steep fall in gains from investments to $278 million from $687 million last year was the main driver of the fall in revenues.
Higher staff costs and impairment of investments also drove the company's operating expenses to $728 million.
All feeds
