By Staff writer
Cineco says work on its Cineplex in Wadi Al Sail Mall in Riffa in Bahrain has been completed, will open soon
Bahrain Cinema Company, also known as Cineco, which owns and operates a total of 44 cinema screens in Bahrain and 27 screens in Qatar, has posted a 16.5 percent fall in net profit for 2015.
The company said in a statement that its net profit totalled BD6.3 million for the financial year, down from BD7.5 million in the previous year.
However, net profit for the fourth quarter of 2015 rose by more than 76 percent compared to the year earlier figure, the company said.
Dr Esam Abdulla Fakhro, chairman, said Bahrain Cinema Company witnessed "robust growth" in its operating income as it outstripped the figure recorded in the previous year by 9 percent.
He added: "The financial year 2015 was a tremendous year for us at Cineco as not only did we witness substantial financial returns but the company has also made large scale investments on new expansion projects with the aim of consolidating the long term interests of the shareholders.
"The sole reason for the decrease in our net profit for the year 2015 was the crashing of prices of securities in the GCC market. We believe that it is imperative that we counter this by growing our existing businesses in both Bahrain as well as in the GCC region."
The company also said that work on its Cineplex in Wadi Al Sail Mall in Riffa in Bahrain has been completed with an opening scheduled soon.
Work on a Cineplex in Al Khor Mall and the Gulf Cinema Mall in Doha is also nearing completion, the statement added.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.