Following on a dismal fourth quarter during which it lost over $1bn, Global Investment House, one of the largest investment firms and asset managers in Kuwait, said last week that it booked almost $240mn in losses in the first quarter of this year.

The company attributed the losses to "impairment from principal investments" and "losses from share of results of associates". The "results of associates" line appears to refer to  the fact that businesses in which Global has invested lost money, primarily in the financial service and property sectors. Global's fortunes "continued to be impacted by global and regional market turbulence and material decline in overall investment and investment banking activities in the region," the firm said in a statement. Yet "the reduced pace of decline" was "reassuring".

Global said when it announced full-year results for 2008 that it would shift focus to fee-generating business that in the past has proven profitable - and move away from proprietary investing, which seems to have generated most of the losses. It also said it was embarking on cost-cutting measures, reducing personnel and trimming overhead.

Ever since it defaulted on a $200m loan last December, triggering cross-defaults across its loan portfolio and prompting severe ratings downgrades, the troubled firm has been in negotiations with creditors over restructuring its debt. Those negotiations continue, Global said in its statement today, though it remains unclear if or when a final restructuring agreement will be worked out. Here's Global's statement on restructuring:

Progress on restructuring process

Global continues to work constructively with the lending banks with the aim to reach an agreement for restructuring its loans. Global presented a comprehensive restructuring plan to its lending bank group in February 2009 and is currently executing the terms of the plan. The company also assisted in the completion of a valuation of the Company's principal investment and real-estate portfolio, prepared by an independent accounting firm appointed by the lending bank group and has continued to meet all its debt service requirements as they fall due.

Full financial details are said to be forthcoming on Global's website. Full earnings release after the jump.