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FINANCIAL NEWS
Dubai Investments reports USD22.16m profit in Q3
05 Nov 2012
(MENAFN) Dubai Investment (DI) reported more-than-double quarterly profit, on gains in the value of its investment properties, Reuters reported.
The company said it made USD22.16 million net profit during the third quarter, up from USD6.78 million a year earlier.
The company attributed its quarterly profit largely to a USD16.33 million gain on fair value of investment properties, up from USD2.18 million a year ago.
DI also reported USD182.11 million revenue in the third quarter, up from USD158.1 million a year ago.
The conglomerate, which has interests in several sectors including property and manufacturing, had USD3.73 billion in total assets in the quarter.
DI has unveiled plans to raise up to USD272.18 billion through the issue of sukuk this year, to fund expansion of some manufacturing units and repay debt.
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