Bahrain's Gulf Hotels Group H1 net profit up 55%

by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 23 July 2008

GULF HOSPITALITY: Gulf Hotels Group said the booming regional economy helped profits. (Getty Images)

Bahrain-based Gulf Hotels Group's (GHG) posted first half net profits up 55.4 percent to 5.4 million dinars ($14.3 million) compared with the same period in 2007, it was reported on Tuesday.

The company, which owns and operates the Gulf Hotel, Gulf Convention Centre, Gulf Executive Residence and Gulf Brands International, saw gross operating revenue ahead by 23.1 percent, to 14.8 million dinars, Bahrain's Gulf Daily News reported.

Earnings per share increased to 40 fils compared with 26 fils during the same period last year.

GHG chairman Farouk Almoayyed attributed the increase in profits to renovation work at the hotel as well as the significant growth in the economy of the region due to high oil prices.