IFA Hotels and Resorts announces US$21.3m Q1 profit
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IFA Hotels & Resorts (IFA HR) announced its quarter one results with a profit of US$21.3 million and total income reaching US$44m, an increase of 283% compared to the same period last year. Earnings per share increased 783%, from a loss of one cent in Q1 2012 to a profit of five cents in 2013.
Shareholder equity at the end of the quarter was US$196.5m compared to US$175.5m during quarter one 2012. The company’s total assets also increased to US$1.4bn, an increase of four percent compared to the same period last year.
Talal Jassim Al-Bahar, chairman and Group CEO, IFA HR said: “The profits largely attributable to the sale of our interests in Raimon Land and to opening of Fairmont The Palm.”
Based on its competitive set, we expect to see Fairmont The Palm continue to command a premium of up to 70% versus city centre hotels.
Al-Bahar further added: “During the remainder of our financial year, we will complete several elements of Kingdom of Sheba, open the Mövenpick Hotel Jumeirah Lakes Towers, launch an exciting new project on the Palm and announce finalization of an agreement to build a YOTEL in Dubai.”