GHG records 38% jump in Q1 earnings

April 23, 2014 1:05 pm

Bahrain’s Gulf Hotels Group (GHG) has said net profits for the first quarter of this year jumped 38% to BD3.927m ($10.41m) from BD2.851m achieved in the same quarter 2013, Gulf Daily News has reported. “The financial results indicate a considerable growth in business levels and continued emphasis on cost management had the effect of maximising revenue conversion in maintaining healthy profit levels,” said GHG chairman, Farouk Almoayyed. The group posted an 11.23% increase in total gross operating revenue to BD8.972m, compared with BD8.066m a year earlier.