Bahrain’s Gulf Hotels posts BHD 6m profits in H1

July 16, 2015 8:12 AM

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Bahrain – Mubasher: Gulf Hotels reported a net profit of BHD 6.009 million for the first half of 2015, a surge of 20.60% from BHD 1.559 million in the same period in 2014, the company said in a filing to the Bahrain Bourse.

Revenues for the first six months of the year stood at BHD 17.111 million, compared to BHD 17.906 million, registering a slight rise of 4.44% or BHD 795,597.

Meanwhile, net profit for Q2-15 fell 20.43% to BHD 2.898 million, compared to BHD 3.642 million in the same period last year, whereas revenues for the quarter stood at BHD 8.315 million, a decline of 6.93% from BHD 8.934 million.

Gulf Hotels’ chairman attributed the decline to increased competition, lower oil prices and returns from investments as well as rising costs. However, he said he was optimistic and that he expects his company to overcome such hardships this year and improve it profits.


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