Gulf General Investment Company (GGICO), a Dubai-based conglomerate, said it has registered a Dh44 million ($12 million) profit  for the first three months of 2009 and added that its first quarter revenue hit Dh1.4 billion ($381.3 million).

GGICO is a Dubai Financial Market listed public shareholding company with widely diversified activities through its 30 subsidiaries and affiliates.

“Our results are in line with the budget and all our industrial subsidiaries have performed well for the first quarter of 2009 and will continue to perform better for the rest of the year," said Mohamed Al Sari, managing director of the Group.

"The diversification in industrial sectors is the key to our success in this challenging period," he pointed out.

GGICO has adopted the new IFRIC 15 standard for Revenue Recognition Policy based on completed project, for its Real Estate Development Division. More units will be completed and handed over during the second half of this year.

The group has interests in manufacturing & industrial, investment & brokerage, real estate, insurance, retail, trading, transport, services and hospitality.-TradeArabia News Service