| 14 Jul 2010 |
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Gulf Hotel's net profit up 7.25 % to BD6.5m
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Kingdom-based Gulf Hotels GroupGulf Hotels Group
(GHGGHG) said yesterday it posted a net profit of BD6.533 million for the first half of the fiscal compared to BD6.092 million during the same period last year, up 7.25 per cent.The group, which owns the Gulf HotelGulf Hotel, Gulf Convention Centre, Gulf Executive Residence, Gulf Executive Offices and Gulf Brands International, said the growth in revenue and net profit bolstered the earnings per share to 43 fils from 41 fils during the corresponding period last year.
Chairman, Farouk Y. Almoayyed said thefinancial results for the first half of the year, exceeded expectations.
Gross operating revenue rose 10.48 per cent and was put at BD17.585 million compared to BD15.917 million in 2009.
He lauded the executive management of the group and all its employees for their continuous efforts to improve the services and develop the company's income streams.
Aqeel Raees, Chief Executive Officer, Gulf Hotels GroupGulf Hotels Group
, said the positive results were 'achieved in a very difficult trading environment, affected by the global financial crisis'.He said with the opening of the new multi-storey car park with 600 parking bays the management had permanently solved the parking problems at the hotel during peak times giving it a major advantage over competitors.
Raees said demand from the business community, both local and foreign, for the Gulf Executive Offices was good. The Gulf HotelGulf Hotel
gave 7000mÇ prime office space for rental and enables it to be a 'one-stop-shop' for new businesses coming into Bahrain, offering office space, apartment rentals and unrivalled entertainment options, all under one roof.Total refurbishment of the Lebanese Zahle Restaurant would be completed by September.
"This will improve the inventory of the Gulf HotelGulf Hotel's fine dining restaurants and retain the hotel's strong reputation."
Thanking the group's customers, he said the success of any company stemmed from the continued support of its customer base.
© Bahrain Tribune 2010
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