Gulf Hotels Group has posted a 12 per cent rise in first half net profits, recording net profits of BD6.092 million ($16.161 million) against BD5.444 million in the first half of 2008.

The Bahrain-based Group owns and operates Gulf Hotel as well the Gulf Convention Centre, Gulf Executive Residence and Gulf Brands International, saw

Group chairman Farouk Almoayyed said that gross operating revenue reached BD15.917 million in comparison with BD14.801 million achieved last year, an increase of BD1.117 million or 7.5 per cent, with the results exceeding expectations.

The improved performance saw earnings per share rise from 40 fils ($0.1) last time to 45 fils.

The unprecedented results were achieved in a very difficult trading environment, affected by the global financial crisis, according to chief executive officer Aqeel Raees, who expressed his thanks for the success of the management team.

He said the construction of the 12-storey car park and the Gulf Executive Offices block at the Gulf Hotel was well underway, with completion expected during the last quarter of this year.

This will increase the hotel's car parking capacity with an additional 600 bays and create 7,000 sq mt of prime office space for rent which will further boost the group's revenues and profits.

He said that the 90-seat Mexican restaurant will open its doors for public during Eid Al Fitr.

This will take the inventory of the Gulf Hotel's fine dining restaurants to nine and offer customers authentic Mexican cuisine in keeping with the hotel's strong reputation.

He added that the upgrade of the Gulf Convention Centre is underway and works are expected to finish mid-September to maintain its position as the preferred venue of choice in the meetings, incentives conference and exhibition market.

He thanked the group's customers saying that the success of any company was down to the continued support of its customer base. – TradeArabia News Service