Bahrain firms post $270m H1 profits, up 28pc
Manama, August 17, 2011
Companies in Bahrain reported a profit of $270 million in the first half of the year, an increase of 28 per cent year-on-year and a rise of 13 per cent quarter-on-quarter, said a report.
Banks reported an earnings growth of 63 per cent over the previous first half while Ahli United Bank grew its earnings over the year by 20 per cent to $84 million, according to research by Kuwait Finance Centre, Markaz.
Across the GCC, corporate earnings declined by 7 per cent when compared to the first half of last year, according to the report.
"Corporate earnings declined due to a weak performance by the telecom sector in the region. Nevertheless, banks and commodity companies continued to perform strongly," the report said.
"The region's continued dominance as a petrochemical hub, global recovery and increase in commodity prices supported the performance of companies across the region," the report added. – TradeArabia News Service
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