Dubai Investments profit drops 54%

Posts Q2 profit of Dh63.4m; Revenues decline 13.5%

Dubai Investments, which has been looking at opportunities to divest some of its businesses, posted a 54 per cent decline in second-quarter net profit on Sunday as revenue dropped.

The company, in which sovereign fund Investment Corp of Dubai (ICD) owns 11.5 per cent, reported a net profit of Dh63.4 million ($17.3 million) in the second quarter compared to Dh138.3 million in the same period in 2011, according to the quarterly balance sheet released on Dubai's bourse.

Revenue for the quarter dropped to Dh630.3 million from Dh728.8 million, a 13.5 per cent fall. The company posted a gain on the fair value of investment properties of Dh28.3 million, compared to Dh113.1 million in the second quarter of 2011.

Dubai Investments said earlier this year that it was eyeing an exit from some of its businesses and was reviewing opportunities.

The company, which has interests in several sectors including property and manufacturing, had total assets worth Dh13.6 billion at the end of the second quarter, Sunday's statement showed.

The conglomerate has said it wants to raise up to Dh1 billion this year through the issue of sukuk, or Islamic bonds, to finance expansion of some manufacturing units and repay debt.

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