Dubai-based Kingdom Hotel Investments, a company run by Saudi billionaire Prince Alwaleed bin Talal, which strived hard to fill rooms in cities such as Paris and Cairo, came out with a 61 per cent fall in its first- half earnings recently.

A fall was also seen in its revenues to $103.3 million from $115.5 million during the same period.

For this year, the hotel investment company declared an $8 million net profit, lower from $20.6 million a year earlier, mainly due to tough results at its Four Seasons hotels and lower real estate sales.

 The major reason behind the fall in the net profit was weaker results at Four Seasons in Paris and Cairo; and also the decreased ancillary real estate sales as well as the previously-reported impairment charge.

Chief Executive Officer Sarmad Zok said: "Our determination to drive profitability across our wholly owned hotel operations has paid off and they remain cash generative.

 Our cost control initiatives have contributed to an increase in EBITDA. Trading, however, is still tough across the wider portfolio but we don't expect the rate of deterioration to get any worse."

It is all through Middle East, Africa and Asia, where stakes are held by the company in Four Seasons, Mövenpick and other high-end hotels.

Zok concluded: "We have also made strong headway with our rationalization and value realization strategy generating $87 million in disposal proceeds. Our development programme is on schedule and fully funded."