Dubai Holding 2008 profit drops 29% on impairment

Dubai Holding Commercial Operations Group LLC, the investment company owned by Dubai’s ruling sheikh, said 2008 profit dropped 29 percent as it booked impairment charges on its property and equipment.

According to newswire Bloomberg, the company's net income fell to AED10.03bn ($2.73bn) from AED14.15bn ($3.85bn) in the year-earlier period.

In a statement on Nasdaq Dubai, the company said that its sales declined 32 percent to AED13.57bn, while total assets rose 22 percent to AED171.44bn. The total liabilities also increased 22 percent to AED134.38bn, the company said.

Dubai holding last year booked an impairment charge of AED7.4bn against property, plant and equipment, and its investment in associates, it said.

According to the statement, the charge was recorded “due to the overall downturn in global market conditions and the uncertainty associated with the future profitability of certain project”.

The Dubai Holding Commercial Operations Group runs all non-financial subsidiaries of Dubai Holding that operate in telecommunications, real estate, infrastructure and leisure, according to newswire Zawya.

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