Dubai Investments Q2 net profit more than doubles
Dubai, August 1, 2013
Conglomerate Dubai Investments , which is planning to issue a $300 million sukuk this year, said on Thursday that its second-quarter net profit more than doubled, as it booked gains in the value of its investments.
The company, in which sovereign fund Investment Corporation of Dubai (ICD) owns an 11.5 per cent stake, posted a second-quarter net profit of Dh158.5 million ($43.2 million), compared with a profit of Dh63.4 million in the corresponding period in 2012.
Dubai Investments booked a gain of Dh24.2 million on fair valuation of investments against a loss of Dh14.9 million in the prior-year period.
The company said its planned $300 million sukuk issue is in progress and will be in the market in the coming quarter. - Reuters