DUBAI, July 29 (Reuters) - Dubai Investments posted a 58.6 percent drop in second-quarter net profit on Wednesday, according to Reuters calculations, which the company blamed on a one-off gain in the prior-year period.
The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, made 223.8 million dirhams ($60.93 million) in the three months to June 30, according to Reuters calculations based on financial statements.
This compares with a profit of 540.5 million dirhams in the same period of 2014, when proceeds from the sale of a stake in Globalpharma boosted earnings.
Dubai Investments made a net profit in the first half of 2015 of 506 million dirhams, down 37.2 percent from 806 in the corresponding period of 2014, a company statement said.
Without the one-off gain from Globalpharma, chief executive Khalid bin Kalban said this year's first-half profit would have increased by 172 million dirhams following a better performance by its industrial and property units.
"We are quite positive on the outlook for the remainder of the year and are exploring fresh avenues to expand our geographical footprint and strengthen our assets," Kalban said in the statement.
The firm is evaluating several proposals in sectors of healthcare, education, industrial and property, Kalban said.
($1 = 3.6730 UAE dirhams)
(Reporting by Nadia Saleem; editing by Matt Smith) ((nadia.saleem@thomsonreuters.com; +97143664256; Reuters Messaging: nadia.saleem.thomsonreuteres@reuters.net))
The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, made 223.8 million dirhams ($60.93 million) in the three months to June 30, according to Reuters calculations based on financial statements.
This compares with a profit of 540.5 million dirhams in the same period of 2014, when proceeds from the sale of a stake in Globalpharma boosted earnings.
Dubai Investments made a net profit in the first half of 2015 of 506 million dirhams, down 37.2 percent from 806 in the corresponding period of 2014, a company statement said.
Without the one-off gain from Globalpharma, chief executive Khalid bin Kalban said this year's first-half profit would have increased by 172 million dirhams following a better performance by its industrial and property units.
"We are quite positive on the outlook for the remainder of the year and are exploring fresh avenues to expand our geographical footprint and strengthen our assets," Kalban said in the statement.
The firm is evaluating several proposals in sectors of healthcare, education, industrial and property, Kalban said.
($1 = 3.6730 UAE dirhams)
(Reporting by Nadia Saleem; editing by Matt Smith) ((nadia.saleem@thomsonreuters.com; +97143664256; Reuters Messaging: nadia.saleem.thomsonreuteres@reuters.net))
