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FINANCIAL NEWS
Bahrain’s Seef Properties posts $8.8m profit in Q2
12 Aug 2010
(MENAFN) Seef Properties, a leading estate company in Bahrain, has posted a net profit of $8.8 million for the second quarter of the year.
It also announced a 0.16 percent rise in gross income to $16.2 million for the six months ended June 30, compared to the same quarter in 2009.
The process of correction is still under way, and it is affecting the company’s earnings through the fair-value adjustments on the company’s property investments, according to Seef Properties’ Chief Executive Officer.
Seef Properties also announced that Fawaz Matar will be appointed as an advisor to its board from his current role. The board also announced the appointment of Robert Addison as the company’s general manager.
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