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FINANCIAL NEWS
Dubai Investments posts 20% drop in Q3 profits
02 Nov 2010
(MENAFN) UAE conglomerate Dubai Investments earned a net profit of $58.17 million in the third quarter of 2010, compared to $72 billion in the same period of 2009, registering a 19.8 percent decline, Gulf News Daily reported.
As for the second quarter of 2010, the conglomerate generated $53 million as net profit, compared to $78 million in the same period in the previous year.
Contract revenue also dropped 18.6 percent down to $47 million while rental income fell by 15.9 percent.
Dubai Investment launched its first residential project, Ritaj, in 2006, and competes with developers Emaar Properties and Deyaar.
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