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Abu Dhabi National Hotels swings to profit in Q3

Abu Dhabi National Hotels Co. PJSC said its third-quarter normalized net income was 6.5 million dirhams, compared with a loss of 18.4 million dirhams in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 2.5% from negative 7.4% in the year-earlier period.

Total revenue rose 5.6% on an annual basis to 261.7 million dirhams from 247.9 million dirhams, and total operating expenses came to 275.1 million dirhams, compared with 276.8 million dirhams in the year-earlier period.

Reported net income totaled 10.5 million dirhams, or 1 fils per share, compared to a loss of 29.4 million dirhams, or a loss of 3 fils per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to 3.67 United Arab Emirates dirhams.