Fractional Ownership News

IFA Hotels & Resorts reports $17 million loss

Kuwaiti fractional property and hotel developer IFA Hotels & Resorts has reported a half-year loss of 4.96 million Kuwaiti dinars ($17.37 million).

Chairman Ebrahim S. Al Therban said: "The new recommendations of the International Accounting Standards Committee that are adopted by the company have 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."

"The first half of this year has witnessed the launch of a selection of IFA HR luxury properties which include three private residence clubs in Thailand covering Bangkok, Pattaya and Phuket as part of our expansion in the Asian market as well as the launch of the second hotel condominium ownership product in the Middle East, the Fairmont Palm Jumeirah in Dubai.

Additional projects such as the Fairmont Residence-Palm Jumeirah in Dubai and the Al Abadiyah Hills in Lebanon are in their final stages of development and will be completed in the second half of this year," added Talal Jasem Al Bahar, vice-chairman and CEO.

www.ifahotelsresorts.com

16/02/10
 

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