Gulf Hotels Q1 profit jumps 54pc
Manama, April 17, 2012
Bahrain-based Gulf Hotels Group has declared a profit of BD2.845 million ($7.6 million) for the first three months of the year, a 54 per cent increase on the BD1.844 million achieved in the same period in 2011, said its chairman.
"The financial results of the first three months of year has matched expectations and the group achieved a gross operating revenue of BD8.219 million in comparison with BD6.963 million achieved in 2011," said chairman Farouk Almoayyed.
He said that after the tumultuous 2011 for Bahrain with the unrest having a major impact on the hospitality industry and the economy in general the situation has shown signs of improvement from second half of 2011 with the results matching improved expectations in the first quarter of 2012 even though the business climate remains extremely challenging and ongoing unrest continues to restrict to a certain extent the number of visitors to the kingdom.
He added that work has commenced on upgrading the hotel's high voltage intake, which will provide the additional power required for future expansion including the development of the new 2,500 sq m top-of-the-range spa to proceed.
Planning work is underway with construction expected to commence in the second half of the year.
"With power in place, approvals have been obtained for the construction of a new commercial laundry, with construction expected to commence in the first half of 2012," said chief executive Aqeel Raees.
"Additionally, five executive meeting rooms have become operational, taking the Gulf Hotel's meeting room inventory to 27 and Cafe Delices, a new patisserie and cafeoutlet will open on the ground floor of the Gulf Executive Residence in the first half of 2012," he added. – TradeArabia News Service