Investment Dar Q2 net profit down by 0.3%

Kuwait's Investment Dar, the Islamic firm that owns half of British luxury carmaker Aston Martin, said second-quarter net profit slipped 0.3 per cent from the same period last year.

Second quarter earnings stood at KWD50.7 million (Dh699.44m) compared to KWD50.85m in the same period last year, Investment Dar said in a statement yesterday.

Global Investment House had forecast second-quarter net profit of KWD42.80m, according to a Reuters survey in June. Dar's 2007 second-quarter profit more than doubled on the sale of a majority stake in local investment firm Al Madar Finance and Investment, for which it booked a profit of KWD48.7m.

Earnings per share were 53.62 fils, compared to 53.86 fils in the same period a year earlier, the company said. There are 1,000 fils to the dinar.

Net income in the first half to June 30 came in at KWD95.95m, including KWD15.04m of unrealised profit on investments, Investment Dar said.

Investment Dar had been expanding in the Middle East and Europe.

The investment firm is close to finalising a deal to sell its 12.5 per cent stake in Syria's Cham Bank to Commercial Bank of Kuwait, an official at Dar said last month.

The firm said in April it was setting up a bank in London to offer advisory services compliant with Islamic law.