18 March 2008
Bahrain Car Parks Company posted net profit of BD1.65 million in the year 2007 as compared to BD848,995 in 2006. Operating profit amounted to BD651,203 in 2007 as against BD500,I53 in 2006.
The company's investment portfolio comprises quoted shares, debt securities and guaranteed funds amounting to BD4.75 million as at December 31, 2007 as against BD3.71 million in 2006.
"The board has concentrated its investments on funds which are capital guaranteed and carry low risk, but require a longer holding period for income to be realised. We will take advantage of all good investment opportunities that maintain the company's diligent policies of balancing risks and returns," the company chairman Mahmood Mahmood Hussain said at the 27th annual general assembly meeting that was held here yesterday.
In addition, the company holds short-term fixed deposits amounting to BD3.25 million (2006: BD3.37 million), generating a reasonable return. Of the total income, 39 per cent was generated by operations (2006: 59 per cent), whereas investment and other income contributed the remaining 61 per cent (2006: 41 per cent), he informed.
In light of the achieved results along with the balance of retained earnings brought forward from the previous years, the total available volume for appropriation was BD3.02 million. A sum of BD1.65 million would be transferred to statutory reserve, put at 10 per cent of the net profit for the year.
The assembly gave the green signal for the disbursal of a dividend of BD1.03 million, which represents 15 per cent of the share capital. In addition, a donation of BD20,000 would also be made to educational and charitable institutions.
Bahrain Car Parks Company posted net profit of BD1.65 million in the year 2007 as compared to BD848,995 in 2006. Operating profit amounted to BD651,203 in 2007 as against BD500,I53 in 2006.
The company's investment portfolio comprises quoted shares, debt securities and guaranteed funds amounting to BD4.75 million as at December 31, 2007 as against BD3.71 million in 2006.
"The board has concentrated its investments on funds which are capital guaranteed and carry low risk, but require a longer holding period for income to be realised. We will take advantage of all good investment opportunities that maintain the company's diligent policies of balancing risks and returns," the company chairman Mahmood Mahmood Hussain said at the 27th annual general assembly meeting that was held here yesterday.
In addition, the company holds short-term fixed deposits amounting to BD3.25 million (2006: BD3.37 million), generating a reasonable return. Of the total income, 39 per cent was generated by operations (2006: 59 per cent), whereas investment and other income contributed the remaining 61 per cent (2006: 41 per cent), he informed.
In light of the achieved results along with the balance of retained earnings brought forward from the previous years, the total available volume for appropriation was BD3.02 million. A sum of BD1.65 million would be transferred to statutory reserve, put at 10 per cent of the net profit for the year.
The assembly gave the green signal for the disbursal of a dividend of BD1.03 million, which represents 15 per cent of the share capital. In addition, a donation of BD20,000 would also be made to educational and charitable institutions.
By K.V.S. Madhav Senior Business Reporter
© Bahrain Tribune 2008
