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Seef Properties reports BD1.48m in Q1 net income
- Bahrain: Monday, May 06 - 2013 at 05:18
Bahrain-based Seef Properties has announced a 3.78% growth in its first-quarter operating profit to BD2.85m ($7.56m) from BD2.75m the developer reported in the same period of last year, Gulf Daily News has reported. The increase is attributed to "a strong performance in our hospitality and leisure businesses, something we intend to further develop further," said chairman Essa Najibi. Net profit, however, fell to BD1.48m from BD1.66m a year earlier due to an increase in certain non-operating expenses which included early retirement packages for some long-serving employees, the firm said.
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