GHG posts BD9.5m net profit

Manama : Gulf Hotels Group (GHG) achieved Gross Operating Revenue of BD16.4m and a Net Profit of about BD9.5m for the half year ended June 30, 2016.

This comes after consolidating the results of Bahrain Tourism Company (BTC) to GHG, including one-time provisional bargain profit of about BD5m, announced Chairman Farouk Yousuf AlMoayyed.

He added that for the standalone GHG results for the period, the group achieved a total Gross Operating Revenue of BD16m compared to BD17m in same period 2015, a decrease of BD1m or 5.89pc and has generated a Net Profit of BD4.8m in comparison with BD6m achieved in the same period 2015.

For the three months period ended June 30, 2016, the group standalone achieved a total Gross Operating Revenue of BD7.5m compared to BD8.3m in same period 2015, a decrease of BD790,573 or 9.51pc and has generated a Net Profit of BD2m in comparison with BD2.9m achieved in the same period 2015.

Almoayyed stated the difficult trading environment would continue in 2016 along with changes in the Service Charge and increases in utility costs. 

Adding to sentiments of the Chairman, the CEO & Director Aqeel Raees expressed his satisfaction with the results taking into consideration testing market conditions. He added the Group has recently opened its marketing office in Shanghai, China aiming to attract more tourists by co-operating with China travel agencies and launching joint marketing initiatives.

He said the development of Gulf Residence Amwaj in conjunction with Lona Real Estate was completed and started its operations since mid-May 2016 with positive feedbacks.