Abu Dhabi: The Abu Dhabi National Hotels Company recorded a Dh106.2 million loss for the first three months, brought on by revaluation of land in its portfolio. If not for this, the company would have posted a profit of Dh16 million.
Group revenues for the first quarter was also down, to Dh344 million from Dh367 million, with the COVID-19 impacting on the numbers.
Yet, for the hotel business, ADNH posted a profit of Dh37.5 million, but down from the Dh67.7 million it recorded in 2019.
Uncertainty all around
“Businesses have seen reduced customer traffic and, where governments mandated, temporary suspension of travel and closure of recreation and public facilities,” ADNH said in a statement. “The extent and duration of the impact of these conditions remain uncertain and depend on future developments.
“Notwithstanding, these developments could impact our future financial results, cashflows and financial position,”
The company owns Ritz Carlton, Abu Dhabi, Le Meridien, The Address, Dubai Mall Hotel and the Address Boulevard.
On its transport operations, ADNH posted a Dh1.2 million loss from Al Ghazal Transport, compared to a profit of Dh5 million same period last year, with the group attributing the loss to the outbreak of the pandemic.