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Abu Dhabi National Hotels '99 net down at $41m

ABU DHABI: Abu Dhabi National Hotels company in the United Arab Emirates on Sunday said its 1999 net profits reached 150 million dirhams ($40.9 million) compared with 160 million dirhams a year earlier, a drop of 6.25 percent.

The company's general assembly also decided at a meeting in Abu Dhabi to distribute 100 million dirhams in dividends.

Company officials attributed the drop in profits mainly to a decline in revenues from investments in local stocks and to a slight decline in operating revenues due to competition.

The company's financial statement showed that operating revenues declined to 133.2 million dirhams in 1999 compared to 134.8 million dirhams a year earlier. Investments revenues also dropped to 0.17 million dirhams from 9.9 million dirhams in 1998.

Overall revenues were up at 661 million dirhams compared with 654 million dirhams in 1998. Operating costs also rose to 527 million dirhams from 520 million dirhams in 1998.

Total assets also rose to 1.21 billion dirhams compared with 1.17 billion dirhams in 1998.

The company last year raised its capital to 200 million dirhams from 150 million dirhams by issuing free shares to shareholders.-Reuters