Abu Dhabi's ADNH sees Q1 net profits fall

Abu Dhabi National Hotels (ADNH) has announced net profits of AED65.8m ($17.9m) in the first quarter of 2012, down from AED83m ($22.6m) for the same period last year. The hospitality firm with interests in hotels, catering and contract, transport and retail, posted AED477.1m of operating revenues, and AED80.8m gross profit. ADNH also reported that total assets stood at AED10.4bn. ADNH owns a number of major hotels, all but one of which is based in Abu Dhabi emirate. Included in the firm’s portfolio are the locally operated Hilton and Le Meridien franchises, as well Al Diar hotels. ADNH said in a statement that it saw "strong performance and steady growth" of its subsidiaries. The catering and contract services subsidiary reported the most revenue (AED202.1m) followed by the hotel division (AED184.4m). ADNH recently opened Park Hyatt Abu Dhabi Hotel and Villas, the first Hyatt-branded property in the UAE's Capital. The company is currently developing the Ritz-Carlton Abu Dhabi, Grand Canal, the first Ritz-Carlton property in the capital and which is expected to open in the final quarter of this year. Overall, Abu Dhabi saw hotel revenues rise one percent in the first quarter of 2012 after occupancy rates fell six percent as more supply came to market. Revenues topped AED1.2bn ($362m) while average room rates hit AED500, the emirate's tourism authority said in a statement.