Abu Dhabi – Mubasher: Abu Dhabi National Hotels (ADNH) on Monday reported a 17.2% year-on-year profit decline to AED 13 million for the third quarter of 2018, compared to AED 15.7 million.
During the nine-month period ended September, the company’s profits rose 9% to AED 154.7 million, compared to AED 141.4 million during the corresponding period of 2017, according to the company’s earnings statement.
The Abu Dhabi-listed company attributed that the increase in its nine-month net profits to the 9% decrease in its general and administrative expenses to AED 36.6 million from AED 40.1 last year.
The company added the nine-month profit hike was further supported by the rising profits of E’talaf, a subsidiary in which the Abu Dhabi-based hotel operator owns a 51% stake.
E’talaf posted AED 99.4 million in net profits from January to September, versus AED 71.4 million during the first nine months of 2017.
