Bahrain-based Gulf Finance House has announced a net profit of $4.2m for the half year of 2013. Net profit fell compared to $5.7m in the corresponding half year period in 2012 despite a drive to reduce costs. Second quarter net profit also dropped to $2.7m from $4.7m for Q2 2012. Total income for the second quarter was $13.4m compared to a total income of $19.7m for the second quarter of 2012. It said income was primarily generated from management fees from funds under management, investment income and recoveries. It added that operating costs for the half year period reduced by 27 percent to $19.6m compared to $26.9m for the prior year period, underlining ongoing efforts in the streamlining of operations. GFH's new strategy calls for it to become more involved in its investments, and to hold projects until completion rather than passing them to third parties to develop as was done in the past.