Dubai Investments Q4 net profit drops 36pc
Dubai, January 30, 2011
UAE conglomerate Dubai Investments reported a 36 per cent drop in its fourth-quarter profit, as revenues for 2010 fell as the local economy remained weak after the burst of the asset bubble two years ago.
Dubai Investments, which is involved in sectors from real estate to manufacturing, said its profit for 2010 was Dh804.9 million ($219.2 million).
Its net profit for the fourth quarter is Dh89.7 million ($24.43 million), according to Reuters calculations. The company made a profit of Dh141 million during the same period last year.
Revenue for 2010 fell to Dh3.3 billion in comparison to Dh3.7 billion in 2009. The company's chief executive said it has shifted focus to other markets in the region like Saudi Arabia, Libya, Turkey, Qatar and Kazakhstan.
Dubai Investments, in which the emirate's sovereign wealth fund Investment Corporation of Dubai has a stake, also said earlier that it plans to sell 30 per cent of private equity unit Masharie through an IPO before June 30.
Shares of Dubai Investments ended lower by 4.5 per cent before the earnings were announced, in line with the broader index that fell 4.3 per cent.-Reuters