Bahrain-based Seef Properties has posted a net profit of BD3.2 million ($8.4 million) for the first half of this year, reflecting an increased level of business in the retail sector, said its chairman.

The firm which manages the Seef Mall and several other properties saw a 42.5 per cent increase in profit from BD2.25 million for the same period last year.

"The increase in second quarter profit reflects a return to improved levels of business activity," said Shaikh Abdulla bin Khalifa Al Khalifa.

"We have seen increased levels of business across all our business streams which include retail, hospitality and leisure sectors."

The company said last year's profit was affected by the rent concession granted by the board to tenants.

Gross rental income for the year to date was BD4.24 million, which is a 4.3 per cent increase compared to the BD4.07 million made during the same period last year.

The shareholders equity increased by 5.7 per cent from BD106.8 million for last year's second quarter to BD112.9 million for the same period this year.

Earnings per share were valued at 6.97 fils, which is an increase, compared to 4.89 fils for the same period last year.

"Our confidence in the future has been illustrated by our investment in our new project, the Muharraq Seef Mall," he said. "We look forward to delivering even more successful results by the end of 2012 with enhanced shareholder value and continued development of our business.”

Seef Properties has signed an agreement with Almoayyed Contracting for the construction of the upcoming BD17 million mall which is set for completion by December next year.

"Our strategy continues to deliver improved results each quarter," said general manager Robert Addison.

"With implementation and successful execution of a number of projects throughout the year, we continue to witness improved performance and growth in all aspects and look forward to delivering positive results and ensuring sustainable growth for our shareholders," he added. – TradeArabia News Service