(MENAFN) Gulf Hotels Group's (GHG) Chairman, Farouk Almoayyed, said that the recent unrest in the region affected the group's financial results in the first half of the year, causing the net profit to decline by 44.8 percent, year-on-year, reported Gulf Daily News.
The chairman added that GHG's net profit was down to USD9.6 million compared with USD17 million in the first half of 2010. He said that these results came after the cancellation of several important events, such as the 2011 Formula One Grand Prix.
Almoayyed continued that the unrest also imposed a traveling ban on many countries, which led to canceling most of the major conferences and meetings. Adding that GHG had to adopt some cost reduction plans to prevent itself from getting into the losses zone.
The chairman also said that the group managed to achieve a gross operating revenue of USD35.8 million in the first six months of the current year, compared with USD46 million in the same period of 2010, registering a decrease by 22 percent.