GFH posts 8% fall in half-year profits

August 12, 2015 1:46 PM

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GFH posts 8% fall in half-year profits

Mubasher: GFH Financial Group (GFH) posted an 8.1% decline in net profit for the first half of 2015 to $13.6 million (BHD 5.13 million), compared with $14.8 million (BHD 5.58 million) during the prior year period.

The second quarter’s profit amounted to $7.6 million, down from $12.4 million reported in the second quarter of 2014.

The group noted that last year's results included a one-off income of $33 million as a result of a recovery.

“Excluding this one-off gain, net profit for the first six months of 2015 increased to $13.6 million compared to a loss of $18.2 million for the prior year period,” GFH said.

Commenting on the results, CEO Hisham Alrayessaid, "In the first half of the year, we continued to successfully execute our strategy investing in new cash yielding opportunities in defensive sectors that have sound growth potential”.


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