February 22, 2018 / 1:21 PM / 8 months ago

BRIEF-Saudi's Al Hokair Group FY Profit Falls

Feb 22 (Reuters) - ABDULMOHSEN AL HOKAIR GROUP FOR TOURISM AND DEVELOPMENT:

* FY NET PROFIT 8.7 MILLION RIYALS VERSUS 126.3‍​ MILLION RIYALS YEAR AGO

* FY TOTAL REVENUE‍​ 1.12 BILLION RIYALS VERSUS 1.17 BILLION RIYALS YEAR AGO

* FY PRFOIT DECLINE IS DUE TO LOW DEMAND FROM INDIVIDUALS, CORPORATES ON HOTELS DUE TO DECLINE IN SPENDING FROM GOVERNMENT, PRIVATE SECTOR ON CONFERENCES, MEETINGS, EXHIBITIONS‍​

* FY PROFIT DECLINE IS ALSO DUE TO INCREASE IN MARKET COMPETITION HAS RESULTED IN DECLINE IN AVERAGE DAILY ROOM RATE AND OCCUPANCY

* SAYS CANCELATION OF FIRST TERM SCHOOL HOLIDAYS NEGATIVELY AFFECTED ENTERTAINMENT BUSINESS‍​ Source text for Eikon: Further company coverage:

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