Abu Dhabi – Mubasher: The National Corporation for Tourism and Hotels (NCTH) on Monday posted its financial results for the first nine months of 2017, which showed a 48.6% year-on-year decrease in net profits to AED 68.02 million.

The decline in net profits is attributable to shrinking hotel revenues, NCTH said in a statement to the Abu Dhabi Securitas Exchange (ADX).

Profit margin declined to 11.8% in the first nine months of 2017 from 18.2% in the comparative period of 2016.

NCTH’s revenues decreased to around AED 532.24 million in the first three quarters of 2017 versus AED 603.73 million in the corresponding period of 2016.

Meanwhile, expenses fell to AED 446.80 million in the nine-month period ended 30 September from AED 476.99 million in the year-ago period of 2016, the company’s data showed.

As for the third quarter of 2017, the hotels and tourism firm saw a 67% decline in net profits to AED 16.8 million in comparison with AED 49.5 million in Q3-16.