Apr 29 2011 |
more articles from
|
Dubai Holding's core unit swings to Dh127m profit
By Issac John DUBAI - Dubai Holding 's core commercial group said on Thursday that it has bounced back with a net profit of Dh127 million in 2010 on a surge in revenues to Dh13.5 billion.Dubai Holding Commercial Operations Group , or DHCOG , said its revenues increased by 43 per cent from Dh9.4 billion in 2009, driven by the handover of completed projects and better performance by its other subsidiaries.
The group's impairments for 2010 stood at Dh5.5 billion compared with Dh20.4 billion for 2009 when it posted a loss of Dh23.5 billion. Earnings before interest, taxes, depreciation and amortisation, or Ebitda, reached Dh7.6 billion from Dh1.1 billion posted in 2009. Operating profit surged to Dh6.5 billion from a loss in 2009.
Dubai Holding Chief Executive Officer Ahmed bin Byat said the group would "actively engage with the market, repay its upcoming bond maturity, and continue to focus on reducing exposure to non-core assets in 2011."
It sold its investment in luxury hotelier Orient Express Hotels in 2010 and booked Dh59.2 million.
"Meanwhile, additional operational and cost strategies implemented by Tecom will bring further long term benefits during 2011," he said.
Bin Byat said the group's strong performance in 2010 was the result of a turnaround strategy implemented in response to the changing business environment. "This strategy was based on the realignment of the businesses, focusing on sustainable revenues and core competencies of each subsidiary, and streamlining operations and cost base."
" DHCOG is focused on its core objectives, and its subsidiaries are all well positioned, each within their key sector, to continue to provide a solid performance both operationally and financially," he said. "We also anticipate the performance of our businesses will respond positively to the improvement in Dubai's economic situation. Led by steady GDP growth rate, the global rebound in trade driven by the Eastern Markets, a strong oil price and stability of the country, we expect to see all lines of business perform steadily."
© Khaleej Times 2011
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment