ADNH Full-year Profit Down

ABU DHABI - Abu Dhabi National Hotels (ADNH) saw net profit trimming by 37.9 per cent in the full year 2008 to Dh292.7 million as earnings generated from overseas and investments plummeted.

ADNH, a leading hospitality group with interests in hotels, catering, tourism and transport reported a net operating profit of Dh456.2 million in 2008 compared to Dh358.4 million, reflecting a net operating growth of 27.3 per cent in the year-earlier period.

The Company attributed the increase in operating profits and revenues to the Group’s excellent performance in the Hotel Division and gains in other operating sectors.

Announcing the preliminary financial results for 2008, ADNH said total operating revenue increased 29.5 per cent to Dh1.736 billion from Dh1.349 billion in 2007, while earnings generated from overseas and local investments slashed net annual profits by 37.9 per cent to Dh292.7 million from Dh471.6 million in 2007.

More news from Local Business