Abu Dhabi – Mubasher: Abu Dhabi National Hotels (ADNH) recorded a growth of 22.4% in profits during the second quarter of 2017 compared to the same period a year ago.

Earnings soared to AED 40.04 million ($10.9 million) in Q2-17 from AED 32.71 million ($8.9 million) in Q2-16, according to a bourse statement issued on Thursday.

ADNH’s cost of service decreased by 8.3% to AED 253.03 million in Q2-17 from AED 276.01 million in Q2-16, whereas the financing costs shrank to AED 4.5 million from AED 3.99 million.

During the first six months of 2017, ADNH registered a consolidated net profit of AED 126 million compared to AED 125 million in the same half a year ago.

The company’s consolidated revenues shrank by 3% to AED 641 million in H1-17, as compared to AED 658 million in H1-16.

In the first quarter of 2017, ADNH registered a year-on-year decline of 7% in profits to AED 85.7 million.