Qatar's GIS profits up 39 pct in Q1

(MENAFN) Reports said that Qatar-based Gulf International Services (GIS) has registered an increase of 39 percent in net profit, reaching USD51.8 million in the first quarter of 2014, driven mainly by strong earnings growth from its drilling subsidiary, Arabian Business reported. The total revenue increased by 12 percent, hitting USD169.38 million. The company cited the growth to its catering division (Amwaj), Gulf Drilling International (GDI), Al Koot and Gulf Helicopters (GHC). "These record results can be mainly attributed to the ambitious growth plans in all segments, and most notably the group"s drilling joint venture, GDI," said the Energy and Industry Minister and GIS chairman and managing director of GIS. GIS chief coordinator said that this growth was forecasted in GDI during this year, with expectations to place three assets into operation during the current year.