Dubai Investments post 30 pct decline in net profit

Dubai Investments post 30 pct decline in net profitDubai Investments, in which sovereign fund Investment Corporation of Dubai (ICD)owns an 11.5-percent stake, has announced financial figures for the second quarter, reporting 30 per cent decline in its net profit. The UAE based conglomerate said that it would secure additional financing for expansion of business during the remaining period of current financial year.

Net profit of Dubai Investments stood at 137.9 million dirhams as compared to 196.3 million during the corresponding period last year. Company’s net profit for the first half was stood at 239 million dirhams.

Dubai Investments, having interests in various sectors such as real estate and manufacturing, suffered a loss due to regional un-stability across the region. The firm has to complete a large number of projects and looking for finance opportunities from lenders.

Firm’s Chief Executive Khalid Bin Kalban said, "Negotiations for additional facilities are at advanced stages and expected to be concluded in the second half of the year."

Meanwhile, shares of Dubai Investments, the largest investment company listed on the Dubai Financial Market ended with decline of 1.9 per cent on the Dubai Stock Exchange.