Gulf Hotels H1 net profit rises to $15.6m
Manama, July 23, 2013
Gulf Hotels Group's net profit increased three per cent to BD5.9 million ($15.62m) for the first half of the year, compared with BD5.73 million for the same period last year, a report said.
The group achieved gross operating revenue of BD16.28 million against BD16.47 earlier, according to the report in the Gulf Daily News, our sister publication.
Chairman Farouk Almoayyed said that the first-half results were as expected.
"After the record profit booked last year, the results are as per the improved expectations even though the business climate remains extremely challenging," he added.
For the second quarter of the year, the company's net profit increased 5.76 per cent to BD3.05 million, compared with BD2.88 million in the same quarter last year.
Chief executive Aqeel Raees said that the upgrading of the hotel's high voltage intake was near completion.
The project is expected to provide the additional power required for future expansion including the new 2,500 sq m top-of-the-range spa.
The planning and design phase of the spa is close to completion and construction is expected to commence later this year with completion expected by early 2015.
"Additionally, the new commercial laundry is expected to be operational very soon, and will make it possible for the hotel's laundry facility to take in larger volumes of business and provide a higher level of service to customers," Raees added.
"The results suggest that almost all the group's divisions showed positive turnaround which indicates that the group has succeeded in overcoming the challenging business climate," he added. – TradeArabia News Service