Bahrain- Seef’s earnings drop to $3.5m in Q3

11 Nov 2010

(MENAFN) Shaikh Abdulla bin Khalifa Al Khalifa, Chairman of Seef Properties, announced that the real estate firm suffered a slight drop in net profits during the July-September period of 2010, registering $3.5 million, as opposed to $5 million during the corresponding period of 2009, Gulf Daily News reported.

For the year to date, earnings stood at $12.2 million compared to $15.1 million during the same period a year earlier. However, total assets reached $291.8 million compared to $288.9 at the year-end, registering a 1 percent rise, stated the Chairman.

Al Khalifa explained that the decrease in profit was previously forecasted, due to the Bahrain’s local market conditions, but plans on concluding the year on a positive note.

According to Al Khalifa, major changes which shall be implemented in stages are planned, and shall be announced at the year-end.

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