ADNH nine-month profit at Dh237m

Abu Dhabi Nationals Hotels Company (ADNH) has reported profit of Dh237 million for the nine months ended September 30, 2010.

The company has recorded performance improvements across all sectors of businesses, particularly hotels and catering in line with its overall strategy to exceed market dynamics, said a statement.

The hotel division recorded a net profit of Dh130m and the catering division recorded a profit of Dh70m and non-operating profits contributed Dh99m for the period.

"We have taken measures to ensure maximization of profits to ensure our performance is geared to exceed market trends. With our focus on the expansion of our portfolio by adding new products and brands, we look forward to increasing revenue streams moving forward,” said Richard W. Riley, Chief Executive Officer of ADNH.

The construction of The Grand Canal Hotel project is progressing well towards its scheduled opening in the second quarter of 2011. The company has signed of a memorandum of understanding (MOU) with Ritz-Carlton Hotel Company as the operator. Park Hyatt Hotel and Villas on Saadiyat Island are also progressing well towards their opening mid-2011, said the statement.

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