Gulf hotels group reports H1 net profit of $15.187 mln

Gulf Hotels Group (GHG) has reported a net profit of US $15.187 Million (BD 5.728m) for first half of 2012 in comparison with $9.561m (BD 3.605m) achieved in the same period 2011, an increase of $5.630m (BD 2.123m) or 58.87% for the six months. GHG Chairman Farouk Y. Almoayyed said after a tumultuous 2011 for Bahrain with the political crisis having a major impact on the hospitality industry and the economy in general, the situation has shown signs of improvement from the later part of 2011 with the results matching improved expectations in the first half of 2012. The 2012 Formula 1 Grand Prix also helped achieving the above results. The Group managed to achieve a Gross Operating Revenue of $ 43.681m (BD 16.469m) in comparison with$ 36.416m (BD 13.730m) achieved in 2011, an increase of $7.264m (BD 2.739m) or 19.94%. GHG CEO Aqeel Raees said The K Hotel continues to perform well, achieving excellent results, in addition the management is working to complete developmental works for Amwaj Waves Hotel Apartments which will be managed by the GHG. It is expected to be ready and open in the fourth quarter of 2013. He expressed satisfaction with the results stating that almost all the Group's divisions showed positive turnaround which indicates that the Group has succeeded in overcoming the challenging business climate. GHG is a public limited liability company quoted on the Bahrain Stock Exchange which was incorporated in 1967, under the name of Bahrain Hotels Company.