ArabianBusiness.com - Middle East Business News
Friday, 19 March 2010 04:45 UAE time

YOUR DIRECTORY /

Print Print | Email Email | Discuss this article (0 Comments)
| Share |

ADNH sees net profit up by 28% but hotels suffer

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 08 November 2009
HILTON HOTEL: ADNH operates the Hilton brand in Abu Dhabi as well as other leading hotel names.

Abu Dhabi National Hotels, the owner of Le Meridien and Sheraton-managed properties in the UAE and Hilton properties in Abu Dhabi and Al Ain, said on Sunday that net profit for the year to September 30 was up by nearly 28 percent.

The hospitality company posted AED372m in net profit for the first nine months of 2009, compared to AED291m for the same period in the previous year.

Catering and general purchasing divisions led the growth in profits while the hotels division saw a drop of 17 percent in profit, compared to 2008, the company said in a statement on the Abu Dhabi Securities Exchange website.


Story continues below
advertisement

It blamed the profit drop in hotels to a reduction in occupancy rates which resulted in a decline in revenues.

Third-quarter profit more than tripled on income from investments, the statement added.

Net income climbed to AED48.32 million ($13 million), from 14.76 million dirhams in the year-earlier period.

It added that construction of the Grand Canal Abu Dhabi, a JW Marriott hotel, was slated to open in summer 2010.

Print Print | Email Email | Discuss this article
| Share |


READERS' COMMENTS

Disclaimer: The views expressed here by our readers are not necessarily shared by ArabianBusiness.com or its employees.

Click here to post a comment


Add your Comment
All posts are sent to the administrator for review and are published only after approval. ArabianBusiness.com reserves the right to remove any comment at any time for any reason. Please keep your responses appropriate and on topic.
Arabian Business would like to point out that only comments relevant to the story will be published. Any containing personal insults or inappropriate language will not be approved.
Name *
Remember me on this computer
Email *
(Your email address will not be published)
City
Country
Subject *
Comment *
Notify me of further comments


Please click post only once - your comment will not be published immediately.


MORE FROM ARABIANBUSINESS.COM

SHARE PRICE CHECK

more » MIDDLE EAST MARKETS DATA

ADNH.ADX

Last Price:

4.49

+0.19+4.42%

18 Mar 2010 09:59 GMT
(Market Closed)

RELATED LINKS

  1. Abu Dhabi National Hotels (ADNH)»

 EMAIL ALERTS

  1. Abu Dhabi National Hotels (ADNH)

  2. Travel & Hospitality


CURRENCY CONVERTOR

Tell us your story

Best of 2009 - Special Report

Think Tank

READER COMMENTS

  1. Dubai firms pay 40 times more for international office links 12
    18 Mar ' 10 at 18:08
    You need to rob a bank to afford the internet. It is still stuck in the era when it was a novelty but today it's a necessity. Get with...   More  »
  2. Atlantis frees Sammy the whale shark 11
    18 Mar ' 10 at 22:06
    Great news.I also have questions about availability of research information that Atlantis staff claims to have acquired. Is there any...   More  »
  3. Dubai education chiefs call for school fees freeze 09
    18 Mar ' 10 at 16:57
    Will someone please stand up ..... and tell the truth. Which is it ? Is Dubai fine and not affected by the Global economic condition,...   More  »

Read all user comments >

MORE FROM ARABIANBUSINESS.COM