Abu Dhabi National Hotels (ADNH) on Wednesday announced a net profit of Dh136.4 million ($37 million) for the first quarter of 2008 when compared to Dh134.7 million earned during the corresponding period in 2007.

The financial report of  the UAE's leading diversified hotel, tourism, transport and catering company, said the operational profit increased by 10 per cent.

The non-operational profits went down due to the impact of the global economic situation that affected the securities portfolio both locally and internationally, said an ADNH official.

General expenses and depreciation decreased by 1 per cent, he added.

ADNH stated that the coming months will show growth in the profits due to expected economic and tourism growth and larger number of exhibitions planned in Abu Dhabi and the other emirates.

ADNH board’s strategy, the management and employees’ commitment, and the relentless support received from government bodies, particularly the Abu Dhabi Tourism Authority (ADTA), have also been instrumental in these achievements, the official said.-TradeArabia News Service