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FINANCIAL NEWS
Abu Dhabi’s NCTH profit drops 12 percent in H1
17 Aug 2014
(MENAFN) The National Corporation for Tourism and Hotels (NCTH) in Abu Dhabi registered a decrease in its profits by 12 percent in the January-June period, Arab News reported.
The company, which owns Intercontinental Abu Dhabi and operats properties including Tilal Liwa Hotel, Al Raha Beach Hotel and Sands Hotel, said the drop is attributed to a fall in revenue and increase in costs.
NCTH’s operating revenues in its hotel segment reached USD40.4 million, a 2.5 percent decrease compared to last year.
Meanwhile, cost of services went up 2.9 percent, hitting USD22.48 million, while profits went down to USD11.97 million compared to USD13.60 million in 2013.
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