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Dubai Investments Q2 net profit falls 30 percent
Q2 net profit 137.9 million dirhams - Reuters calculations; Co says total income 1.37 bln dirhams; Negotiations for additional facilities to conclude in H2 - CEO
August 9, 2011 2:30 by Reuters
Dubai Investments posted a 30 percent drop in second-quarter net profit on Tuesday and the UAE conglomerate said it hopes to secure additional financing for expansion in the second half of the year.
The company, in which sovereign fund Investment Corporation of Dubai (ICD)owns an 11.5-percent stake, reported a net profit of 137.9 million dirhams ($37.5 million) for the second-quarter according to Reuters calculations, compared with 196.3 million in the same period in 2010.
Reuters calculated the net profit figure from previous financial statements. Its first-half net profit was 239 million dirhams, the company said in a statement on Tuesday.
Dubai Investments is involved in several sectors ranging from real estate to manufacturing. Its manufacturing business faced setbacks due to regional unrest in key markets like Libya, Syria and Yemen, the company said last month.
It has so far secured only a quarter of the 1.2-billion dirhams loan it wanted to raise for expansion purposes.
“Negotiations for additional facilities are at advanced stages and expected to be concluded in the second half of the year,” said Chief Executive Khalid Bin Kalban.
Dubai Investments also put off for at least two months a planned initial public offering for its private equity unit Masharie.
Shares of the company ended 1.9 percent lower on the Dubai stock exchange on Tuesday. The results were announced after the markets closed. ($1 = 3.673 UAE Dirhams) (Reporting by Praveen Menon, Editing by Dinesh Nair)