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Sat 12 Nov 2005 04:00 AM

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Bahrain Cinema profits soar 96%

Bahrain Cinema Company (Cineco) has announced a 96% rise in its net profits for the third quarter of 2005.

Bahrain Cinema Company (Cineco) has announced a 96% rise in its net profits for the third quarter of 2005. The net profit for the nine months ending September 30, rose from US $5,117,748 in 2004 to 10,596,660 in 2005.The earning per share rose from 74 fils in 2004 to 145 fils in 2005, despite the rise of 30% in paid-up capital as a result of granting of 15% bonus shares and 15% rights issue shares, says Dr Esam Abdullah Fakhro, managing director of Cineco.

The results revealed a 60% rise in operating as well as joint venture profits as it grew to US $4,557,778 from US $2,837,533 in 2004. The rise in profits generated from investments amounted to US $8,264,379 compared to US $3,934,015 in 2004, an increase of 110%.

Cineco also declared an investment portfolio of US 47,017,938 compared to US 35,052,147 last year. 'The increase in profits are the result of some innovative decisions in terms of the movies we are now showing,” says Dr Fakhro. “This has attracted more viewers and there’s also been a considerable rise in the number of tourists ss well. We have also made wiser investments in prospective operations and other ventures,” he adds.

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