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GHG posts $7.4m in net profit despite 'extremely challenging' business climate
- Bahrain: Wednesday, April 24 - 2013 at 04:09
Bahrain-based Gulf Hotels Group (GHG) has announced its net profits for the first three months of this year rose 0.19% to BD2.851m ($7.43m), Gulf Daily News has reported. The results were in line with GHG's expectations, despite a drop of 1.85% in gross operating revenues to BD8.066m, compared with BD8.219m achieved last year. "After the record profits of last year, the results levelled out in the first quarter this year as the business climate remains extremely challenging and the unrest continues to restrict the number of visitors to the kingdom, particularly in the MICE market," said GHG chairman, Farouk Almoayyed.
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