Abu Dhabi National Hotels (ADNH) on Tuesday posted net profit of AED83m for the first quarter of 2011, a 51 percent drop on the same period last year.
Despite showing a seven percent increase in operating revenues to AED481.6m, net profit of AED83m was less than half of the AED170m seen in Q1 2010.
Last year, the hotel group's total revenues reached AED1.75 billion with net profit of AED304 million.
The company said in comments published by state news agency WAM that it saw an increase in hotel occupancy rates for the first quarter, without giving further details.
ADNH said that it looked forward to the completion of the construction of the Ritz Carlton Abu Dhabi, Grand Canal development as well as the Park Hyatt Abu Dhabi Hotel and Villas development on Saadiyat Island, which are both due to open later this year.
ADNH owns a number of major hotels, all but one of which is based in Abu Dhabi emirate. Included in the firm’s portfolio are the locally operated Hilton and Le Meridien franchises, as well five Al Diar hotels.
Abu Dhabi saw a 10 percent rise in hotel guests in the first quarter of this year, with increases also recorded for guest nights, occupancy levels, revenue and length of stay.
According to the latest figures from the Abu Dhabi Tourism Authority (ADTA), some 510,114 guests stayed in Abu Dhabi's hotels in the first three months of this year producing 1.56 million guest nights - up by a quarter on the same period in 2010.
March alone achieved a nine percent rise in hotel guests with some 180,931 people checking into the emirate's hotels, ADTA added.
While the Q1 mainstay was the domestic market, the UK came in as the top overseas producer with 37,710 guests during the quarter - a 20 percent rise on Q1 2010.For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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