Dubai Investments Q2 net profit dropped 58.6% to Dh223.8m
Dubai Investments posted a 58.6 per cent drop in second-quarter net profit on Wednesday, according to Reuters calculations, which the company blamed on a one-off gain in the prior-year period.
The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 per cent stake, made Dh223.8 million ($60.93 million) in the three months to June 30, according to Reuters calculations based on financial statements.
This compares with a profit of Dh540.5 million in the same period of 2014, when proceeds from the sale of a stake in Globalpharma boosted earnings.
Dubai Investments made a net profit in the first half of 2015 of Dh506 million, down 37.2 per cent from Dh806m in the corresponding period of 2014, a company statement said.
Without the one-off gain from Globalpharma, chief executive Khalid bin Kalban said this year's first-half profit would have increased by Dh172 million following a better performance by its industrial and property units.
"We are quite positive on the outlook for the remainder of the year and are exploring fresh avenues to expand our geographical footprint and strengthen our assets," Kalban said in the statement.
The firm is evaluating several proposals in sectors of healthcare, education, industrial and property, Kalban said.
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