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Seef Properties posts $4m Q1 profit

Manama, April 23, 2014

Bahrain-based Seef Properties has reported 5.3 per cent increase in net profit at BD1.56 million ($4.14 million) for the first quarter, compared with BD1.48 million for the same period last year.

Seef Properties chairman Essa Mohamed Najibi attributed the rise to improved performances from retail and hospitality sectors. Operating profit increased by 6.1 per cent from BD2.77 million in the first quarter last year to BD2.94 million in the first quarter this year.

The gross rental revenue increased by 8.4 per cent from BD2.13 million to BD2.31 million. Hospitality revenue from Fraser Suites increased 9.4 per cent to BD600,000 ($1.59 million) following increased occupancy.

"The company's financial results are a reflection of the strong performance across all segments and we expect the positive results to continue," Najibi added.

"The increase in revenue even when we have closed Magic Island for a wholesale refurbishment demonstrates the company's inherent strength," general manager Robert Addison said. – TradeArabia News Service




Tags: Seef Properties | Q1 profit |

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