IFA Hotels and Resorts (IFA HR) posted a $17.37m (Kda4.96m, Dh63m) loss in the first half of the current fiscal year (July-December 2009) but expects better results in the second half of the year. The company registered a profit of KD25m for the first half of the 2009 fiscal year. IFA HR is a major player in the development of premium integrated and mixed use hotels and tourism projects.
The company said the 11.4 fils per share loss is the result of the adoption of new recommendations made by the International Accounting Standards Committee (IASC). Chairman of IFA HR explained “This has had an impact on the revenue in comparison to the previously applied methods, where the methodology of company income is based on the percentage of project completed.” Ibraham S Al-Therban said IASC applications may have negative effects in the short term but in the longer term will enhance the company’s transparency policy.