Mubasher: Gulf Hotels Group posted a decrease of 12.06% or about BHD 375,370 ($995,783) in profits for the first quarter in 2016 as compared to the same quarter in 2015, the company said in a statement.

The Bahraini firm’s earnings declined by to BHD 2.74 million ($7.27 million) in Q1-16, down from BHD 3.112 million ($8.26 million) in Q1-15.

Operating income fell by 2.47% to BHD 8.578 million ($22.76 million) in Q1-16 from BHD 8.795 million ($23.33 million) in Q1-15.