Abu Dhabi hospitality group posts $75.3 mn Q2 net profit

July 30th, 2008 - 6:03 pm ICT by IANS  

Abu Dhabi, July 30 (IANS) Leading United Arab Emirates (UAE)-based hospitality and travel group Abu Dhabi National Hotels (ADNH) Wednesday announced net profit of 276.7 million dirhams ($75.3 million) in the second quarter of 2008. The figure marks a 5.6 percent rise over the 262 million-dirham ($71.4 million) profit recorded by the company during the corresponding period last year, the state-run Emirates News Agency (WAM) reported.

ADNH’s operational profit increased 27 percent with profits from other activities down due to the impact of the global economic situation that affected the securities portfolio both locally and internationally, the company said in a filing to the Abu Dhabi Securities Exchange (ADX).

However, it said that it expected continued growth in profits in the coming months due to the expected growth in the economy and tourism, as well as the large number of exhibitions planned in Abu Dhabi and other emirates of this Gulf nation.

In its filing to the ADX, the company thanked the government bodies, particularly the Abu Dhabi Tourism Authority (ADTA), for the support received from their side.

Established 30 years back, ADNH has diversified from the hotel business to tourism, transport and catering.

The company’s interests today include a range of moderate to luxury hotels in addition to ADNH Travco, its travel and tourism arm and its transportation business Al Ghazal.

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