Gulf Hotels Group (GHG) has reported a net profit of BD7.65 million ($20 million) for the first nine months of the year, up 40.1 per cent compared to BD5.46 million for the same period last year.

Commenting on the performance, chairman Farouk Almoayyed said, "2012 had shown improvement and although the negative impact of the previous year's events still continued to affect the tourism sector, GHG's business had shown considerable growth and has succeeded in achieving its results matching expectations in the first nine months.

"The 2012 Formula One Grand Prix also helped in achieving the above results," he said.

"The group managed to achieve a gross operating revenue of BD23.405 million in comparison with BD20.463 million last time, an increase of 14.38 per cent.

Almoayyed expressed his appreciation for the efforts of all the group's divisions and the staff for their efforts in achieving such positive results.

Chief executive Aqeel Raees said that construction of the commercial laundry is progressing in full swing and completion is expected in mid-2013.

CafŽ Delices, a new patisserie and cafŽ outlet, is now open on the ground floor of the Gulf Executive Residence.

He said the K Hotel continues achieving excellent results under the management of the GHG.

In addition, the group is working on implementing plans to complete the work in the Amwaj Waves Hotel Apartments, which will be managed by the GHG and is expected to open in the second half of 2013.-TradeArabia News Service