Dubai Investments Q1 net profit jumps 26%

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Dubai Investments, CEO Khalid Bin Kalban.

Dubai Investments, CEO Khalid Bin Kalban.

Dubai Investments' first-quarter net profit rose 26 percent, the conglomerate said in a bourse filing on Monday, adding that it planned to sell off some assets.

Confirming their forecast a week ago, the company said its profit for the three months to March 31 was AED265 million ($72.2 million). That would compare with a profit of AED211 million in the prior-year period.

In the same statement, the company quoted its chief executive officer, Khalid Bin Kalban, as saying: "We are edging towards completion of a divestment transaction which will significantly contribute to the group's profitability."

Kalban did not give further details.

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