Bahrain-Mubasher: Gulf Hotels Group reported a decrease of 20.7% in net profit at BHD 3.112 million for the first quarter of 2015, compared with BHD 3.927 million for the same period last year.

The decline was due to low occupancy rate, increased competition, overhead costs and reduced investment income.

The hotel operator has BHD 17.33 million capital, divided into nearly 173 million shares.