KHI earnings plunge 83%

Kingdom Hotel Investments, in which Prince Al-Walid bin Talal, the Saudi investor, holds a 56 per cent stake, said on Wednesday first-half profit plunged 83 per cent to $4.2m. KHI, which is listed on the Nasdaq Dubai and London stock exchanges, blamed poor results at its Four Seasons hotels in Paris and Cairo and reduced real estate sales.

The profit excludes non-recurring items such as divestments and sales. Including divestments, profits fell 61 per cent to $8m from $20.6m in the same period last year, the company said in a statement.

Revenue dropped 11 per cent to $103.3m, but earnings before interest, tax, depreciation and amortisation, rose 9 per cent to $21.6m.