Gulf Hotels posts net profit of $7.4m for Q1
Manama, April 23, 2013
Bahrain-based Gulf Hotels Group (GHG) has reported a net profit of BD2.851 million ($7.43 million) for the first three months of this year.
The profit is up slightly, by 0.19 per cent or BD5,460, when compared with BD2.845 million achieved in the same period last year, reported the Gulf Daily News, our sister publication.
Chairman Farouk Almoayyed said the results met expectations, despite a drop of 1.85 per cent or BD152,256 in gross operating revenues at BD8.066 million in comparison with BD8.219 million achieved last year.
"After the record profits of last year, the results levelled out in the first quarter this year as the business climate remains extremely challenging and the unrest continues to restrict the number of visitors to the kingdom, particularly in the MICE market," he added.
Almost all the group's divisions had withstood the challenging business climate, chief executive Aqeel Raees said.
Raees said the construction of a new commercial laundry is to be completed this quarter, which will significantly boost the group's laundry handling capacity,
Raees added that the upgrade of the hotel's HV intake was also nearing completion.
"It will provide the additional power required for future expansion, including the new 2,500 sq m top-of-the-range spa, the planning and design of which is close to completion," he said.
"Construction is expected to commence in the third quarter of this year with project completion expected by the second half of next year," he added. – TradeArabia News Service