Gulf Hotels reported the financial results for the 2nd Q of 2016

07/08/2016 10:49 AST

Mr. Almoayyed announced that for the Half year ended 30 th June 2016 the Group achieved a total Gross Operating Revenue of BD 16.382 million and a Net Profit of BD 9.454 million after consolidating the results of BTC to GHG, including one time provisional bargain profit of BD 4.967 million. Adding to this one time bargain profit comment, the Chairman, announced that GHG has successfully completed the acquisition of 100% shares of Bahrain Tourism Company (BTC) through share swap during this Quarter.

Mr. Almoayyed also announced that for the standalone GHG results (excluding Bahrain Tourism Company results) for the Half year ended 30th June 2016 the Group achieved a total Gross Operating Revenue of BD 16.103 million compared to BD 17.111 million in same period 2015, a decrease of BD 1.008 million or 5.89% and has generated a Net Profit of BD 4.814 million in comparison with BD 6.010 million achieved in the same period 2015; a decrease of BD 1.196 million or 19.89 % on 2015.

For the three months period ended 30th June 2016 the Group standalone achieved a total Gross Operating Revenue of BD 7.525 million compared to BD 8.315 million in same period 2015, a decrease of BD 790,573 or 9.51% and has generated a Net Profit of BD 2.078 million in comparison with BD 2.898 million achieved in the same period 2015; a decrease of BD 820,467 or 28.30% on same period 2015.

He stated that the difficult trading environment will continue in 2016 along with recent changes in the Service Charge and increases in utility costs.

Press Release