(MENAFN - Khaleej Times) Abu Dhabi National Hotels (Adnh), a diversified hospitality company, on Wednesday reported 20 per cent decline in its first quarter earnings to Dh65.82 million.
The company, which has interests in hotels, catering, transport and retail sectors, saw its hospitality segment's revenues declined to Dh184.4 million in the quarter, against Dh214.6 million in the same period last year, as new hotels opened during the last one year have intensified the competition resulting in drop in room charges as well as occupancy levels.
Abu Dhabi-based firm has seen strong performance and steady growth of its subsidiaries, led by the catering and contracts services, hotels, retail and transport services. It posted Dh477.129 million of revenues in the quarter ended March 31, against Dh481 million in the comparable period last year.
There was no change in its earnings from catering and transport businesses in the quarter when compared with the revenues earned last year. The catering arm generated Dh202 million while Al Ghazal Transport earned Dh64.846 million, in the period.
However, the boost to revenues came from the retail division that did not exist in the same period last year. It contributed "a healthy performance in the first quarter, posting Dh30.271 million in revenues," company said.
With the new properties opening doors to guests, Adnh reported a surge in total assets that grew to Dh10.404 billion at the end of the period against Dh9.55 billion in the same period a year ago.
Adnh's operations cover the ownership and representation of 5-star hotels in Abu Dhabi, Al Ain and Dubai in addition to the Al Diar Hotels division, which has ten executive hotels
Adnh recently opened Park Hyatt Abu Dhabi Hotel and Villas, the first Hyatt-branded property in the UAE's Capital, located on Saadiyat Island. Situated within minutes of Abu Dhabi's prime business district and the Corniche, this stylish contemporary resort caters to both business and leisure travellers alike.