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Gulf Hotels’ profit drops after Iranian airstrike on Manama
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Gulf Hotels’ profit drops after Iranian airstrike on Manama
Gulf Hotels Group’s net profit halved in the first quarter after an Iranian strike damaged one of its prime properties in Manama. Net profit dropped to BD1.2 million ($3.2 million) in the quarter ended March 31, from BD2.5 million a year earlier, the hospitality company said in a statement to the Bahrain Bourse. Revenue fell 21 percent to BD7 million in the three months, while assets slipped 5 percent to BD111 million. “We delivered a strong sta…
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