Seef Properties' net profit improved by 42.5 per cent during the first half of this year to BD3.2 million ($ 8.5m) compared with BD2.25m for the same period last year.

The firm, which manages the Seef Mall and other properties, posted a net profit of BD1.54m for the second quarter, compared with BD870,000 for the same period last year.

Seef Properties issued the revised financial results, following directives by the Central Bank of Bahrain.

The company said last year's profit was affected by the rent concession granted by the board to tenants.

"The increase in second-quarter profit reflects a return to improved levels of business activity," said chairman Shaikh Abdulla bin Khalifa Al Khalifa.

"We have seen increased levels of business across all our business streams which include retail, hospitality and leisure sectors," he added.

The gross rental income for the second quarter was BD2.1m compared with BD2m last time.

Half-year gross rental income was BD4.24m, a 4.3pc increase compared with BD4.07m registered last time.

The company's shareholders equity increased by 5.7pc in the second quarter to BD112.9m.

Earnings per share stood at 6.97 fils compared with 4.89 fils last time.

"Our confidence in the future has been illustrated by our investment in our new project, the Muharraq Seef Mall," said Shaikh Abdulla.

"We look forward to delivering even more successful results by the end of 2012 with enhanced shareholder value and continued development of our business," he added.

"Our strategy continues to deliver improving results with each quarter," said general manager Robert Addison.

"With the implementation and successful execution of a number of projects throughout the year, we continue to witness improved performance and growth in all aspects.

"We look forward to delivering positive results and ensuring sustainable growth for our shareholders," he added.