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ADNH’s net profit up by
13 per cent

ABU DHABI — Abu Dhabi National Hotels, or ADNH, has recorded a net profit of Dh 170 million in the first three months of this year, marking an increase of 13 per cent over the corresponding period last year.

The hotel division recorded a net profit of Dh 75.70 million, according to a statement posted by the ADNH on the website of ADX.

Though room supply increases have affected RevPAR negatively in Abu Dhabi, the division outperformed the competition, the statement said.

The catering operations division posted a profit of Dh 27 million in the first quarter of this year, marking a growth of 54 per cent over the previous corresponding period. Non-Operational income including income from investments and interests on fixed deposits, increased to Dh 85.81 million in the first quarter of this year compared to Dh 15.13 million in the first three months of last year. The ADNH statement partially attributes this increase to sale of local share portfolio.

The company has a paid-up capital of Dh 1 billion and its net worth was Dh 8.11 billion as on March 31, last. The statement also disclosed that construction of Grand Canal Hotel Project is progressing well towards its scheduled opening in the second quarter of 2011. The construction of Park Hyatt Hotel and villas on Saadiyat Island is progressing well and is expected to be complete during the second quarter of 2011, the release said. 
— ramavarman@khaleejtimes.com