Kingdom Hotel Investments, the Dubai-based international hotel and resort property company, reported a 60% decrease in net profits last year, according to its preliminary results released today.

KHI booked a net profit of US$17.1m (Dh62.8m), compared with $42.3m a year earlier.

'The main reason the net profits last year showed such a sharp downturn is because we took decisive early action to conserve cash, including the cancellation of four early-stage projects and aggressive restructuring and management of the group’s cost base,' said Sarmad Zok, the chief executive of KHI.

Zok said the company’s net profits, excluding recurring items, grew by 34% last year to $43.1m.

The National