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Abu Dhabi National Hotels Q2 profit climbs 15.7% YOY

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Abu Dhabi National Hotels Q2 profit climbs 15.7% YOY

Abu Dhabi National Hotels Co. PJSC said its second-quarter normalized net income came to 3 United Arab Emirates fils per share, a gain of 25.0% from 3 fils per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 29.9 million dirhams, a gain of 15.7% from 25.9 million dirhams in the prior-year period.

The normalized profit margin increased to 9.3% from 7.5% in the year-earlier period.

Total revenue decreased 6.8% on an annual basis to 320.7 million dirhams from 344.2 million dirhams, and total operating expenses fell year over year to 295.3 million dirhams from 303.8 million dirhams.

Reported net income increased 15.7% year over year to 47.9 million dirhams, or 5 fils per share, from 41.4 million dirhams, or 4 fils per share.

As of Aug. 10, US$1 was equivalent to 3.67 United Arab Emirates dirhams.