Bahrain-based Seef Properties yesterday posted a substantial net profit of BD5.96 million ($15.58 million) for the first nine months of the year, a 56 per cent rise on the BD3.82 million for the same period last year.

The company's profit for the third quarter was BD2.76 million which included BD1.07 million realised from sale of land, in comparison to BD1.57 million in the third quarter last year, according to a report in our sister publication, the Gulf Daily News.

Seef Properties gross rental income reached BD6.38 million, up by 3.7 per cent for the first nine months of the year.

"The results achieved in the third quarter reflect well on our business strategy, which proved effective during challenging financial times," said chairman Shaikh Abdulla bin Khalifa Al Khalifa.

"We expect positive results in the last quarter of 2012, with many opportunities for growth.

"These investment opportunities will add to our existing portfolio of properties while we hope to develop our recently announced projects such as Muharraq Seef Mall," he added.

"We are pleased to report positive growth results for the third quarter of 2012, which is reflected in the footfall in our malls," said general manager Robert Addison.

"Management is focused upon the implementation of our growth strategy to create values for our stakeholders and we are optimistic that Seef Properties will continue its positive growth in the remainder of 2012, and beyond," he added. – TradeArabia News Service