| 15 Feb 2010 |
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IFA Hotels & Resorts reports 11.4 Fils loss in First half Year
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IFA Hotels & ResortsIFA Hotels & Resorts
(IFA HRIFA HR) today announced the company's 1st half year results with a loss of KD 4,968,422 million (US$ 17,372,712 million). Shareholders' equity of KD 66,129,532 million (US$ 231,230,225 million) compared to KD 66,893,521 million (US$ 244,851,834 million) for the same period last year. The company's total assets have increased 18% to KD 393,147,155 million (US$ 1,374,688,468). Ibrahim S. Al-Therban, Chairman of IFA HRIFA HR, stated: "The new recommendations of the International Accounting Standards Committee (IASC) that are adopted by the company have had an impact on the revenue in comparison to the previously applied methods, where the methodology of Company income is based on the percentage of project completed."
"The first half of this year has witnessed the launch of a selection of IFA HRIFA HR luxury properties which include three Private Residence Clubs in Thailand covering Bangkok, Pattaya & Phuket as part of our expansions in the Asian market as well as the launch of the second hotel condominium ownership product in the Middle East, the Fairmont Palm Jumeirah in Dubai. Further projects such a Fairmont Residence-Palm Jumeirah(Dubai) and Al-Abadiyah Hills in Lebanon are in their final stages of development which will be completed in the second half of this year." added Talal Jassim Al-Bahar, Vice Chairman and CEO of IFA HRIFA HR. .
The launch of three new Thai-based Private Residence Clubs comes as part of IFA HRIFA HR
's expansion plans in the Asian market due to its high potential for unique real estate products. The Heights Private Residence Club in Phuket, Northpoint Private Residence Club in Pattaya and The River Private Residence Club in Bangkok are developed by luxury condominium developer Raimon Land in which IFA HRIFA HR has a 41.07% stakeIFA Hotels & ResortsIFA Hotels & Resorts (IFA HRIFA HR) launched its second hotel condominium ownership product in the Middle East. Situated within the five-star Fairmont Palm Jumeirah hotel in Dubai, the new offering is of particular interest to investors wishing to diversify their property portfolio with a unique real estate option that combines both the business of guaranteed rental returns and strong capital growth potential with the pleasure of a hassle-free vacation property
Al-Bahar concluded: "The focus in the remaining part of the year will be on completing and delivering our existing projects according to our strategic plan. We will also continue the search for unique investment opportunities that will maximize our shareholders returns. We are looking forward for a better result in the second half of the year."
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