Gulf Hotels Group reports net profit in Q3

Gulf Hotels Group reports net profit in Q3

MANAMA: Gulf Hotels Group has swung to a net profit of BD833,821 during the third quarter of 2021 from a loss of BD1,682,744 in same period last year, with an increase in the quarter turnover of BD2.517 million. The profit per share is 4 fils compared to loss of 8 fils in the third quarter of last year. Total comprehensive income for Q3-2021 was BD905,701 compared to a loss of BD1.174m for Q3-2020, with an increase in the quarter turnover of BD 2.080m. Gross profit was BD2.852m, compared to BD1.155m for the same period last year, with an increase of BD1.697m or 146.93pc. Revenue was BD6.117m, compared to BD3.727m for the same period last year, with an increase of BD2.39m or 64.13pc. The increase in net profit resulted mainly from increase in revenue of BD2.390m with decreases in administration expenses as well as decrease in depreciation by BD260,536 and interest expense by BD89,680. For the first nine months of 2021, the net profit was BD202,187 compared to a loss of BD4.682m in the same period last year, with an increase in turnover of BD4.884m. The profit per share is 1 fil compared to loss of 21 fils in the same