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Thu 31 Oct 2013 09:51 AM

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Dubai Investments Q3 profit nearly doubles

Posted a third-quarter profit attributable to equity owners of AED161.1m ($43.9m)

Dubai Investments Q3 profit nearly doubles

Conglomerate Dubai Investments saw third-quarter profits nearly double on the back of higher rental income and an improvement in the fair value of its investments.

The company, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, posted a third-quarter profit attributable to equity owners of AED161.1m ($43.9m) compared with AED81.4m for the year-ago period, it said in a bourse statement on Thursday.

Dubai Investments booked a gain of AED26.1m on fair valuation of investments against a loss of AED4.5m in the prior-year period.

Rental income rose to AED141.1m from AED115.8m, the company said.

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