Dubai Investments posts $16.7m Q4 loss

Khaled bin Kalban, CEO, Dubai Investments

Khaled bin Kalban, CEO, Dubai Investments

Conglomerate Dubai Investments, whose manufacturing business was hit by political unrest in Libya and Syria last year, swung to a quarterly loss on Monday, hurt by lower asset valuations.

The firm, in which sovereign fund Investment Corporation of Dubai (ICD) owns an 11.5 percent stake, had a fourth quarter loss of AED61.4m ($16.72m), according to Reuters calculation. That compared with profit of AED117.4m in the prior-year period in 2010.

It reported 2011 net profit of AED202.5m on Monday, down from AED805m in the previous year. The company did not provide fourth-quarter figures.

Reuters calculated quarterly profit from previous financial statements. Nine-month profit to September 30 was AED263.9m.

"The profit for the year 2011 is comparatively lower mainly due to lesser fair valuation gain on investment properties and loss on fair valuation of investments," it said in a statement.

Dubai Investments, which has interests in several sectors including property and manufacturing, said total assets stood at AED13.8bn for the year ended December 30 from AED14.1bn in 2010.

In October, it said it had secured AED700m ($190.6m) of a AED1.2bn loan it wanted to raise to expand its operations.

Shares of Dubai Investments ended 1.5 percent lower on the Dubai stock exchange before the earnings were announced.

Related:
Companies
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudis cut wage, benefit bill in delicate pursuit of austerity

Saudis cut wage, benefit bill in delicate pursuit of austerity

Some Saudis appear prepared to accept austerity following the...

Who audits the auditors?

Who audits the auditors?

DIFC Courts is hearing a case against the Middle East branch...

Saudis tighten their belts for Eid in age of austerity

Saudis tighten their belts for Eid in age of austerity

Gov't cuts, which began late in 2015, are now rippling through...

Most Popular
Most Discussed
sponsoredTracking