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Abu Dhabi, UAEWednesday 19 December 2018

Dubai Investments profit declines in Q2

Fall due to one-off gains from divestments in first half last year

Dubai Investments said yesterday its second-quarter net profit dropped 12.6 per cent owing to one-off gains from divestments amounting to Dh186 million in the first half of last year. Net profit attributable to equity owners reached in the three months to the end of June reached Dh190.9m compared with Dh218.3m a year earlier. Revenue dipped 10.8 per cent to Dh586.2m from Dh656.9m. “Excluding the one-off gain from divestments amounting to Dh186m in the first half of 2016, the company’s net profit has in fact has grown by Dh150m, an increase of 45 per cent, in the first half this year,” said Khalid bin Kalban, the chief executive of Dubai Investments. “The positive results are driven by growth in rental income, which has contributed to increase in underlying cash flows.”