Seef Properties BSC reported earnings results for the second quarter and six months ended June 30, 2014. For the first half, the company reported the net profit of BD 3.42 million as compared to BD 3.31 million recorded for the same period last year, revealing an increase of 3.40%. The increase in second quarter profits is particularly pleasing, bearing in mind that principal leisure facility, Magic Island has been undergoing refurbishment since the end of February. The new Magic Island will contribute significantly to net profit when it opens next month. The increase in income from Retail and Hospitality businesses has more than offset the temporary closure and is testament to the ever increasing popularity of Malls and Fraser Suites. Operating profits revealed an increase of 3.76% with profits rising from BD 5.53 million in the first half of 2013 to BD 5.74 million for the first half of this year.

The gross rental income for the quarter April to June 2014 increased by 6.7% from BD 2.17 million to BD 2.32 million as compared to previous year for the same period. Similarly the net profit for the quarter April to June 2014 increased by 1.8% from BD 1.82 million to BD 1.86 million, which also increased the earnings per share valued at 4.05 fils as compared to 3.98 fils in 2013 for the second quarter.