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Dubai Investments Q4 net profit drops 36 percent
Dubai Investments Q4 net profit $24.4 million; Says 2010 net profit 804.9 million dirhams; Shares drop 4.5 percent
January 30, 2011 5:16 by Reuters
UAE conglomerate Dubai Investments reported a 36 percent drop in its fourth-quarter profit, as revenues for 2010 fell as the local economy remained weak after the burst of the asset bubble two years ago.
Dubai Investments, which is involved in sectors from real estate to manufacturing, said its profit for 2010 was 804.9 million dirhams ($219.2 million).
Its net profit for the fourth quarter is 89.7 million UAE dirhams ($24.43 million), according to Reuters calculations. The company made a profit of 141 million dirhams during the same period last year.
Revenue for 2010 fell to 3.3 billion dirhams in comparison to 3.7 billion dirhams in 2009. The company’s chief executive said it has shifted focus to other markets in the region like Saudi Arabia, Libya, Turkey, Qatar and Kazakhstan.
Dubai Investments, in which the emirate’s sovereign wealth fund Investment Corporation of Dubai has a stake, also said earlier that it plans to sell 30 percent of private equity unit Masharie through an IPO before June 30.
Shares of Dubai Investments ended lower by 4.5 percent before the earnings were announced, in line with the broader index that fell 4.3 percent.
(Reporting by Praveen Menon; Editing by Reed Stevenson)