Bahrain-based Seef Properties has reported an operating profit of BD2.85 million ($7.5 million) in the first quarter, up 3.78 per cent compared to BD2.75 for the same period last year.

Announcing the consolidated financial results for period ending March 31, chairman Essa Najibi said the increase in the company's operating profit demonstrated a good start for 2013.

"This was mainly due to a strong performance in our hospitality and leisure businesses, something we intend to further develop in the coming year,” he stated.
 
The company posted a small drop in its net profit for the first three months which fell to BD1.48 million from BD1.66 million last year due to an increase in certain non–operating expenses which included early retirement packages for some long serving employees.

General Manager Robert Addison said the company's performance again reflected positively on its growth strategy as it continues to maximise opportunities within its portfolio.-TradeArabia News Service