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Kingdom Hotel profit falls 61 percent in 1H

Kingdom Hotel profit falls 61 percent in 1H

A hotel company run by Saudi billionaire Prince Alwaleed bin Talal says profit plunged 61 percent in the first half as it struggled to fill rooms in cities such as Paris and Cairo.
Kingdom Hotel Investments says it earned $8 million in the period, down from $20.6 million a year earlier, in part because of tough results at the cities' Four Seasons hotels and lower real estate sales.
Revenue slipped to $103.3 million from $115.5 million during the same period.
Chief Executive Sarmad Zok says business remains tough but he doesn't expect "the rate of deterioration to get any worse."
The Dubai-based company has stakes in Four Seasons, M


Updated : 2021-05-19 05:52 GMT+08:00