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Other airlines in the country, including Emirates and Etihad, have earlier extended their flight cancellations to the Lebanese capital
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Kingdom Hotel Investments 1H eanings down 61Per Cent
DUBAI — Dubai-based Kingdom Hotel Investments, a company run by Saudi billionaire Prince Alwaleed bin Talal, declared a 61 per cent fall in its first- half earnings as it struggled to fill rooms in cities such as Paris and Cairo.
The hotel investment company reported an $8 million net profit this year, down from $20.6 million a year earlier, mainly because of tough results at its Four Seasons hotels and lower real estate sales. Revenue slipped to $103.3 million from $115.5 million during the same period.
The reported net profit was impacted by weaker results at Four Seasons in Paris and Cairo as well as reduced ancillary real estate sales and previously reported impairment charge, the company said in a statement
issued on Wednesday.
“Our determination to drive profitability across our wholly owned hotel operations has paid off and they remain cash generative. Our cost control initiatives have contributed to an increase in EBITDA. Trading, however, is still tough across the wider portfolio but we don’t expect the rate of deterioration to get any worse,” Chief Executive Officer Sarmad Zok said.
The company has stakes in Four Seasons, Mövenpick and other high-end hotels throughout the Middle
East, Africa and Asia.
“We have also made strong headway with our rationalisation and value realisation strategy generating $87 million in disposal proceeds. Our development programme is on schedule and fully funded,” Zok said.
|— abdulbasit@khaleejtimes.com
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