Gulf Hotels Group posts $15m profit

Gulf Hotels Group (GHG) had a strong start to the year as it bounced back from the downturn it suffered from last year's unrest, this was published at GDN. The company has generated a net profit of BD5.728 million ($15.2m) in the first six months of the year compared with BD3.605m in the first half of 2011, an increase of BD2.123m or 58.87 per cent. Chairman Farouk Y Almoayyed said after the tumultuous 2011 for Bahrain, with the crisis having a major impact on the hospitality industry and the economy in general, the situation had shown signs of improvement from later part of 2011. The results matched improved expectations in the first half of 2012. The return of the Formula 1 Grand Prix also helped achieve better results. The group managed to achieve a gross operating revenue of BD16.469m against BD13.73m last time. "Ground work for the construction of a commercial laundry has already commenced with the completion expected at the beginning of 2013," said chief executive Aqeel Raees. "CafŽ Delices, a new patisserie and cafŽ outlet will open on the ground floor of the Gulf Executive Residence in the second half of 2012." He said The K Hotel continues achieving excellent results under the management of GHG. In addition, the group's management is working on implementing plans to complete work at the Amwaj Waves Hotel Apartments which will be managed by GHG and is expected to be ready and open in the fourth quarter of 2013. "Almost all the group's divisions showed a positive turnaround which indicates that it has succeeded in overcoming the challenging business climate," he added.