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FINANCIAL NEWS
Bahrain- Gulf Hotels profits rise to $17.6 million
14 Jul 2010
(MENAFN) Gulf Hotels Group had a strong start to the year with a more than seven percent increase in first-half profit.
The group, which owns and operates the Gulf Hotel, Gulf Convention Centre, Gulf Executive Residence, Gulf Executive Offices and Gulf Brands International, posted a net profit of $17.63 million for the first half of the year.
Chief executive officer Aqeel Raees said the results were achieved in a very difficult trading environment which was affected by the global financial crisis.
He added that the total refurbishment of the Lebanese Zahle Restaurant has commenced and is expected to be completed by September.
This will improve the inventory of the Gulf Hotel’s fine dining restaurants and retain the hotel’s strong reputation, he added.
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