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FINANCIAL NEWS
Bahrain’s Seef Properties reports USD8.8m profit in H1
19 Jul 2013
(MENAFN) Bahrain developer Seef Properties reported a 3.33 percent increase in consolidated net profit during the first six months of 2013, citing improving level of business activity, Gulf Daily News reported.
The company said it made USD8.78 million during the first half, up from USD8.44 million achieved a year ago.
Gross rental revenue grew by 1.39 percent to USD11.34 million in the January-June period, up from USD11.2 million a year earlier.
Other financial aspects in the statement included a 7.97 percent increase in half-yearly operating profits to USD15 million compared to USD13.93 million.
Revenue from Magic Island grew by 11 percent to USD1.7 million from USD1.53 million in the same period last year.
Earnings from Fraser Suites grew by 27.93 percent to USD2.77 million from USD2.16 million.
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