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FINANCIAL NEWS
Abu Dhabi’s ADNH reports USD18m profit in Q1
12 May 2012
(MENAFN) Abu Dhabi National Hotels (ADNH) reported USD17.9 million net profit in the first quarter, down from USD22.6 million a year earlier.
The hotelier also reported 1 percent increase in quarterly revenue to USD362 million, after occupancy rates fell six percent as more supply came to market. Total assets stood at USD2.4 million.
ADNH said that revenues from its catering and contract services subsidiary grew the most of its units with USD55 million turnover, followed by its hotel division which resulted in USDUSD5.2 million.
ADNH, which operates Hilton, Le Meridien franchises and Al Diar hotels in Abu Dhabi, recently opened Park Hyatt Abu Dhabi Hotel and Villas, the first Hyatt-branded property in the UAE’s Capital.
The company also has the Ritz-Carlton Abu Dhabi, Grand Canal, under construction, scheduled to open in the fourth quarter 2012.
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