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Wed 27 Jan 2010 03:21 PM

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Dubai Investments reports $38.39m Q4 profit

Full-year net profit attributable to shareholders declined around 40%, firm says.

Dubai Investments Co's reported a fourth-quarter net profit of AED141 million ($38.39 million), versus a loss of AED87 million in 2008, it said on Wednesday.

Full-year net profit attributable to shareholders declined around 40 percent to AED963 million against AED1.58 billion in 2008.

Dubai Investments, which derives its revenue from the UAE and other Gulf Arab countries, attributed a decline in revenues to economic slowdown as a result of the financial crisis affecting the real estate sector.

The group's assets were up by 6 percent to AED15.15 billion in 2009, it said.

It did not give a breakdown of its results.

Chief executive Khalid bin Kalban told Reuters on on January 13 that the holding firm, made an unaudited AED1.1 billion profit for 2009, but expected to revise that downwards with provisions.

Kalban also said the firm made an unaudited profit of AED300 million ($81.68 million) in the fourth quarter, but expected adjustments to that figure.

Dubai Investments, in which the emirate's sovereign wealth fund Investment Corporation of Dubai has a stake, derives most of its revenues from the UAE and the other Gulf Arab countries.

The company's shares closed 3.5 percent higher at AED0.9 per share earlier on Wednesday.

The UAE's property sector has suffered as a result of the global financial crisis, with companies' earnings results reflecting the extent of the downturn. (Reuters)

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