Abu Dhabi – Mubasher: Abu Dhabi National Hotels (ADNH) has reported a 3% year-on-year decrease in profits for the first quarter of 2019.
Net profits amounted to AED 94.8 million during the three-month period ended March 2019, versus AED 97.3 million in Q1-18, the hospitality firm said in a filing to the Abu Dhabi Securities Exchange (ADX).
Operating expenses rose by 6% in Q1-19 to AED 13.5 million from AED 12.7 million in the year-ago period, the company added.
Cost of financing surged to AED 17.6 million in the first three months of this year, compared to AED 3.3 million in the prior-year period, according to the filing.
In 2018, ADNH posted a net profit of AED 241.181 million, rising 2.7% from AED 247.9 million in 2017.
