FINANCIAL NEWS

Gulf Hotels Group hits net profit of USD24.84m

11 Nov 2014

(MENAFN) Gulf Hotels Group (GHG) posted an average revenue of USD64.40 million during January-September period of 2014, compared with USD60.61 million in the same period last year, up by USD3.79 million or 6.26 percent, Gulf Daily News reported.

The group posted a net profit of USD24.84 million, compared with USD21.20 million registered in the same period last year, and increase of USD3.64 million or 17.20 percent on 2013.

The chairman of the Group said that “The financial results indicate a considerable growth in business levels and continued emphasis on cost management had the effect of maximizing revenue conversion in maintaining healthy profit levels”.

During the third quarter, the Group registered a total gross operating revenue of USD17.40 million, compared with USD17.86 million in the same quarter of 2013, down by USD464.46 or 2.60 percent.

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