Abu Dhabi National Hotels posts third quarter results

Commenting on the unaudited results released to the Abu Dhabi Securities Market, the Chairman of Abu Dhabi National Hotels, His Excellency Khalifa Nasser Bin Huwaileel Al Mansoori, said: "I am very pleased with the overall performance of the company for the first nine months of 2004. The hotel division has delivered excellent results, with profits up 48 per cent compared to the same period in 2003.

"Our impressive net revenue this year has been partly due to the dramatic rise in tourism to the Abu Dhabi emirate, facilitated by the growing impact of Etihad Airlines as it extends its network.

"Other divisions, including our catering division ADNH/Compass and Al Ghazal Transport, have also performed well, contributing significantly to our total operating profit, which has increased by 17 per cent in the year. Our investment portfolio has seen excellent returns, and non-operational income is up 9 per cent".

Peter Cardnell, Director General of ADNH, said: "The group's Al Diar Hotels operation has consistently achieved high occupancies of around 90 per cent. Our Meridien and Sheraton hotels have also enjoyed good occupancy levels of more than 80 per cent, receiving a mix of business and increasingly leisure guests.

"Overall, the hotel division results have been exceptional, particularly in comparison to last year, which saw challenging economic, social and political conditions in the region.

"We have heavily invested in all our businesses, especially the hotel division, which has a number of new projects taking place, such as the refurbishment of the Abu Dhabi Hilton, due for completion by the end of the year. A full bedroom renovation of Le Meridien Abu Dhabi is also planned for 2005."

Peter Cardnell added, "Together, our unique portfolio of businesses have produced good profits for the first nine months of 2004, exceeding our initial forecasts and helping to drive Abu Dhabi National Hotels forward".