Kingdom Hotel Investments, controlled by Saudi Prince Alwaleed bin Talal, said first-half profit fell 39 percent as a one-off gain last year offset a revenue jump from expansion in Asia.

Net profit in the six months to June 30 fell to $17 million, or 10 US cents per share, compared with $27.9 million, or 18 cents per share, in the year-earlier period, the Dubai-based company said in a statement.

Kingdom Hotel, whose shares are listed on the Dubai International Financial Exchange and the London Stock Exchange, said it made a non-recurring credit gain of $12.8 million in the first half of last year, without explaining the item.

Revenue in the first half jumped 74 percent to $74.3 million, of which Asia accounted for 21 percent, it said.

The firm announced eight acquisitions this year, including hotels in Vietnam, the Philippines, Malaysia and China. - Reuters