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Abu Dhabi hotel firm sees 42% profit drop in Q1

Abu Dhabi hotel firm sees 42% profit drop in Q1
Photo Credit: Arabianeye-Reuters
ADNH
ADNH
1.89% 0.65 0.01

Abu Dhabi – Mubasher: Abu Dhabi National Hotels (ADNH) reported a significant decline of 42% in its profits for the first quarter of 2015, down to AED 88.66 million compared to AED 153 million in the same period in 2014, according to a bourse filing.

The hotel firm’s revenues grew 8.5% to AED 380.5 million from AED 350.53 million in Q1-14. Meanwhile, earnings per share (EPS) dropped 40% from 15 fils to 9 fils.

Operating profits rose 23% during the quarter to AED 67.4 million, up from AED 54.8 million in Q1-14.

The hotel operator previously posted AED 200.46 million in net profits for FY14, a decline of 6.8% from AED 215.15 million a year earlier.