Gulf Hotels Group posts $6.3m profit
Manama, May 6, 2008
Gulf Hotels Group made BD2.429 million ($6.3 million) net profit in the first quarter of this year, against BD1.843 million in the same period last year, an increase of BD586,040 or 31 per cent.
The group, which owns and operates the Gulf Hotel, Gulf Convention Centre, Gulf Executive Residence and Gulf Brands International, announced that in the first quarter of this year it achieved a gross operating revenue of BD6.924m in comparison with BD6.267 million achieved in the same period last year, with an increase of BD656,683 or 10.48 per cent.
The significant growth in revenues and net profit has increased the earning per share to 18 fils, compared with 13 fils in the same period last year.
Chief executive officer Aqeel Raees said that the refurbished facilities and car park had helped to achieve the excellent results.
He added that the work on the multi-storey car park and offices building is underway and is expected to be operational in July next year and the renovation of the Gulf Hotel Health Club will start very soon.
Chairman Farouk Almoayyed thanked the management and staff of Gulf Hotels Group for their efforts in improving the hotel facilities and endeavours to increase the company's revenue sources and bottom line profit.-TradeArabia News Service