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Sun 14 Nov 2010 03:08 PM

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ADNH announces 56.9% drop in YTD profits

Leisure group's CEO says Grand Canal Hotel project on track to open in Q2 2011

ADNH announces 56.9% drop in YTD profits
Chief executive Richard W. Riley said that the state backed hotel leisure group saw a 56.9% fall in net profits

Abu Dhabi National Hotels Company (ADNH), the state-backed hotel leisure group, has announced a 56.9 percent fall in net profits in the first nine months of the year.

The firm said it has recorded profits of $64.6m for the nine months to September 30, 2010.

ADNH’s hotels division made $35.4m in profits, while its catering division pulled in $19.1m in profits.

"We have taken measures to ensure maximization of profits to ensure our performance is geared to exceed market trends,” said Richard Riley, CEO of ADNH, in a press statement.

“With our focus on the expansion of our portfolio by adding new products and brands, we look forward to increasing revenue streams moving forward.”

Riley also confirmed that the firm’s Grand Canal Hotel in Abu Dhabi is on track for opening in the second quarter of next year. The hotel will be operated by Ritz Carlton, following a deal signed in July of this year.

He also said that the Park Hyatt Hotel and Villas on Saadiyat Island is also on schedule to open in “mid-2011”.

ADNH operates a number of hotels in the emirate, including the Sheraton Abu Dhabi Hotel and Resort, the Mercure Grand Jebel Hafeet and the Hilton Abu Dhabi.