EPS figures calculated from Net Profit / 100,000,000 shares outstanding but as the company did not make a profit, PE calculation is not very useful. However, 2008 PE estimate based on M9 earnings is about 12.1 which is a little higher than the market average of about 10, and similar to Abu Dhabi National Hotels (ADNH) PE for 2008 M9 (the other Abu Dhabi listed hotel company).
Gross Profit for NCTH 9M 2008 tripled and Operating Profit was up 30x from AED 3.5m to AED 89.6m, but NCTH missed out on the AED 36m gain on sale of investments credited in 2007 M9, and suffered an AED 22.2m loss on investment valuations resulting in a still healthy looking 50% increase in Net Profit, but not as impressive as the increases further up in the Income Statement. And for Q3, although Gross Profit more than doubled and Operating Profit was up 15x, National Hotels and Tourism ended with a Net Loss for the period due to falls in investment values.
There's a summary table of NCTH Income Statement and Balance Sheet figures which I haven't included - it takes me too long to format it correctly for forum display, and it doesn't tell you anything new anyway. Not that the comments section is particularly enlightening for shareholders either ...
NCTH (undated):
National Corporation for Tourism & Hotels Board of Directors REport - 30 September 2008
We would like to present the un-audited financial results of the National Corporation for Tourism and Hotels for the quarter ended 30 September 2008.
Financial Performance:
[edit] table omitted [/edit]
Comments:
Revenues: The revenues have increased by Aed 175.97 million over the same period last year due to the increase in business volume this year especially from the owned hotels generating higher occupancy rates and revenues.
Net Profit: The combined year to date net profit of AED 60,762,772 against AED 42,522,238 for the same period last year resulted in an increase by AED 18,240,534 or 42.9% mainly due to the increased business in our hotels.
Capital Commitments: The authorised capital expenditure contracted for at the balance sheet date but not provided for amounts to approximately AED 157 million.
Subsequent Event: There have been no events subsequent to period end which require adjustment of or disclosure in the interim condensed financial statements or notes thereto.
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