Current charges don't meet overhead expenses
The car parking fees in Bahrain are not compatible with the overhead expenses of managing the public car parking lots and hence the current fee of 300 fils per hour should be increased to 800 fils, the vice chairman of the Kingdom's listed and largest car parking company told reporters yesterday.
Yaseen Al Hissawi, vice chairman of Bahrain Car Parks Company, on the sidelines of the company's annual general assembly, said that the company would continue to seize business opportunities in the Kingdom to enhance the scope of profitability.
Al Hissawi said: "If you just see the massive turnover of car parking at the Bahrain International Airport and Car Park Building in the heart of Manama, then you just imagine that we are losing money in these businesses for a simple reason of too low fees. On the other side if you increase the parking fee, then no body will utilize this facility."
The annual general assembly held at the Car Park Building was led by Al Hissawi as the chairman of the board, Mahmood Mahmood Hussain, could not attend the meeting.
Al Hisaawi, on half a million BD decline in the company's profits in 2006 as compared with 2005 said that the company had spent refurbishment during the year which would add to the total value of the company. The company saw the net profit of BD 848995 compared in 2006 with BD 1.36 million in 2005.
The operating profits during the year were BD 500153 compared with BD 311599 in 2005. The total income is comprised of 59 per cent from operations, investment and other income contributed the remaining 41 per cent.
By Mehmood Rafique
© Bahrain Tribune 2007
