Wednesday, 27 January 2010 at 16:24, Reuters, Dubai
Dubai Investments Co's reported a fourth-quarter net profit of Dirhams 141m ($38.39m), versus a loss of Dirhams 87m in 2008, it said on Wednesday.
Full-year net profit attributable to shareholders declined around 40 per cent to Dirhams 963m against Dirhams 1.58bn in 2008.
Dubai Investments, which derives its revenue from the United Arab Emirates 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 per cent to Dirhams 15.15bn in 2009, it said.
Chief executive Khalid bin Kalban told Reuters on on January 13 that the holding firm, made an unaudited Dirhams 1.1bn profit for 2009, but expected to revise that downwards with provisions.
Kalban also said the firm made an unaudited profit of Dirhams 300m ($81.68m) 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 United Arab Emirates and the other Gulf Arab countries.
The company's shares closed 3.5 per cent higher at Dirhams 0.9 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.
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