FINANCIAL NEWS

Dubai Holding Commercial Operations posts 61% hike in 2011’s profit

26 Apr 2012

(MENAFN) Dubai Holding Commercial Operations Group’s (DHCOG) chief executive, Ahmad bin Byat, announced that the firm’s profits surged 61 percent in 2011 to USD55.54 million, compared with USD34.56 million a year earlier, reported Arab News.

Bin Byat added that net cash from operations reached USD952 million, with an increase of 7.3 percent from 2010.

However, total revenues of Dubai Holding’s main unit dropped from USD3.67 billion in the previous year to USD2.39 billion.

He also said that impairment expense declined to USD653 million, compared with 2010’s USD1.49 billion.

It is worth noting that DHCOG, which total debt stood at USD3.48 billion, managed to repay USD500 million bond in February, as scheduled.

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