Dubai Investments Q3 profit nearly doubles
Dubai, October 31, 2013
Conglomerate Dubai Investments saw third-quarter profits nearly double on the back of higher rental income and an improvement in the fair value of its investments.
The company, in which sovereign fund Investment Corp of Dubai owns an 11.5 per cent stake, posted a third-quarter profit attributable to equity owners of 161.1 million dirhams ($43.9 million) compared with 81.4 million dirhams for the year-ago period, it said in a bourse statement on Thursday.
Dubai Investments booked a gain of 26.1 million dirhams on fair valuation of investments against a loss of 4.5 million dirhams in the prior-year period.
Rental income rose to 141.1 million dirhams from 115.8 million dirhams, the company said. - Reuters