Declining Q4 profit hits Saudi Hotels & Resort
- Saudi Arabia: Sunday, January 13 - 2013 at 19:40
The Riyadh-based Tadawul All-Share Index or Tasi closed Sunday 0.71% lower at 7,115.19 points. Saudi Hotels & Resort Areas Co. fell 1.10%, finishing at SR27.50. In the last quarter of 2012, Saudi Hotels generated an interim profit of SR30.7m, down 23.4% year-in-year and off 12.5% quarter-on-quarter. The net profit during the twelve months, however, amounted to SR198.9m, representing a growth of 29.4%. Saudi Hotels said the decline in profits during Q4 was attributed to the increase in depreciation cost due to start operate for Courtyard hotel & Marriott Executive Apartments, along with the start of the renovation of the Marriott Riyadh hotel. The growth during the current period compared to the same period last year was attributed to the sale of owned land in Dammam, where the company gains net profit amounted to SR56m, the hospitality firm said.
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