Dubai Investments Q2 net profit more than doubles

Conglomerate posted a second-quarter net profit of $43.2 million

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 percent stake, posted a second-quarter net profit of 158.5 million dirhams ($43.2 million), compared with a profit of 63.4 million dirhams in the corresponding period in 2012.

Dubai Investments booked a gain of 24.2 million dirhams on fair valuation of investments against a loss of 14.9 million dirhams 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.

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