State-linked firm hopes to secure funds to expand, despite 30% drop in profit
Dubai Investments posted a 30 percent drop in second-quarter
net profit on Tuesday and the UAE conglomerate said it hopes to secure
additional financing for expansion in the second half of the year.
The company, in which sovereign fund Investment Corporation
of Dubai (ICD)owns an 11.5-percent stake, reported a net profit of AED137.9m
($37.5m) for the second-quarter, compared with AED196.3m in the same period in
Its first-half net profit was AED239m, the company said in a
statement on Tuesday.
Dubai Investments is involved in several sectors ranging
from real estate to manufacturing. Its manufacturing business faced setbacks
due to regional unrest in key markets like Libya, Syria and Yemen, the company
said last month.
It has so far secured only a quarter of the AED1.2bn loan it
wanted to raise for expansion purposes.
"Negotiations for additional facilities are at advanced
stages and expected to be concluded in the second half of the year," said chief
executive Khalid Bin Kalban.
Dubai Investments also put off for at least two months a
planned initial public offering for its private equity unit Masharie.
Shares of the company ended 1.9 percent lower on the Dubai
stock exchange on Tuesday. The results were announced after the markets closed.