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Sun 23 Feb 2014 06:20 PM

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Bahrain's GFH more than doubles Q4 net profit

Gulf Finance House is currently in process of selling majority stake in Leeds United

Bahrain's GFH more than doubles Q4 net profit
(Getty Images - Photo for illustrative purpose only)

Bahrain-based Gulf Finance House , whose unit is in the process of selling a majority stake in English soccer club Leeds United, said on Sunday its fourth-quarter net profit more than doubled due to revenue derived from investments.

The investment firm made a net profit of $5.2 million in the three months to December 31, up from $2.5 million in the prior-year period, it said in a statement.

It cited "income generated from investment advisory and the sale of investments" for the increase. It did not elaborate.

However, for the 2013 full year, GFH's net profit fell 37.2 percent to $6.3 million.

This decline came despite a 20 percent reduction in operating costs, as the firm continued to aggressively cut expenses in the wake of a number of debt restructurings in recent years.

GFH, through its Dubai-based subsidiary GFH Capital, agreed to sell 75 percent of Leeds United to Italian Massimo Cellino earlier this month, subject to the takeover being sanctioned by the Football League governing body.

In its earnings statement on Sunday, GFH said the sale would "support value creation at Leeds to ensure strong future returns on this investment".

Leeds supporters groups have expressed their concern over the takeover as Cellino, whose family have been involved with Italian side Cagliari since 1992, has a criminal conviction for fraud in his homeland.

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Nick Parsons 6 years ago

Most Leeds United supporters welcome Cellino. He has the assets to invest in the clubs future where many others including GFH don't. Those who do oppose should get off their moral high horses and think about what is the best for the club under current circumstances. Leeds United's chequered bad publicity history has not helped in securing any other substantial investor therefore we should be thankful for Mr Cellino.

Del wright 5 years ago

Every leeds fan should give cellino a chance as he has the money to end our 10 yr nightmare in the football league.mot

The dog 5 years ago

GFH profits double in Q4 2013. Could this by any chance have anything to do with consultancy fees paid to them by LEEDS UNITED who continue to lose millions.
Give me Cellinio any day over these crooks