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Thu 30 Jul 2009 10:35 AM

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Dubai Investments Q2 profits fall 46%

Diversified holding firm's Q2 profit falls to AED296.4m ($80.69m), down 46.4% from AED553m in the prior-year period.

Dubai Investments Co reported a 46 percent decline in quarterly profits on Thursday, as revenue from its property segment continued to suffer amid the economic downturn.

The firm, a diversified holding company, said profit fell to AED296.4m ($80.69m) in the quarter to June 30, down 46.4 percent from 553 million in the prior-year period.

Developers in the UAE have been hit hard since the global financial crisis ended a six-year construction boom last year, leading to cancelled projects and a slump in prices. (Reuters)

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