Bahrain Car Parks Company's net profit increased to BD1,051,930 ($2.79 million) last year, from BD660,857 in 2008, it was revealed.

Investment income registered a huge increase, with a profit of BD41,570, compared to a loss of BD285,320 in 2008.

The figures were revealed as chairman Mahmood Hussain addressed the company's annual general meeting at its Manama offices.

'Also, the operating profit of the company increased to BD999,438 last year, compared with BD927,463 the previous year,' he said.

As far as investments were concerned, the company had a portfolio in the form of quoted shares, debt securities and guaranteed funds, amounting to BD4,169,247 at the end of last year, said Hussain.

'This was in comparison to BD5,107,269 in 2008. This is because some investments matured last year and the balance transferred to fixed deposits,' he said.

Hussain said the company board had concentrated its investments in funds which were capital guaranteed and carried low risk, but required a longer holding period for income to be realised.

'Our short-term fixed deposits were BD4,287,469 last year, compared with BD3,039,682 in 2008,' he said.

'The board will take advantage of all good investment opportunities that maintain our diligent policies of balancing risks and returns.

'We are continuously focussing on new initiatives and looking at profitable ventures to increase our business.'

The total available for appropriation for last year, along with the balance of retained earnings brought forward from previous years, is BD2,753,735, it was announced.

The board recommended a dividend of BD831,632, which represents 12 per cent of the share capital.-TradeArabia News Service