(MENAFN- Bahrain Tribune) Bahrain Commercial Facilities Company, which saw net profit slip to BD6 million last year from BD8.1 million in 2005, is very firmly back on track this year. The company confidently predicted an upturn at its annual shareholder meeting last month and yesterday they delivered the goods.
The board has reported net profit of BD2.413 million for the first quarter, some 44 per cent ahead of the BD1.674 million earnings of the same period last year.
A company announcement stated: "All businesses have performed strongly and improved upon last year results: The revenue generating portfolio of Bahrain Credit continues to grow whilst the company has improved on its high credit quality. In 2006 the company had released excess accumulated impairment provisions in accordance with international accounting standards: excluding that adjustment, 2007 earnings are ahead of 2006 in a comparatively higher interest rate environment."
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