Wednesday, Apr 25, 2012
DUBAI (Zawya Dow Jones)--Dubai Holding Commercial Operations Group, a conglomerate with interests in free zones, hospitality and real estate, Wednesday said full-year 2011 net profit was AED324.3 million ($88.4 million), up 44% on the year earlier.
DHCOG, a division of Dubai Holding, was helped by a AED282.4 million gain on the disposal of stakes in associates, according to financial statements posted on the Nasdaq Dubai website. Last year, DHCOG effectively reduced its stake in Axiom Telecom, a mobile phone and electronics retailer, to 26% from 40%, the statements said. It also sold its 30% stake in Morocco's Al Manar Development Company.
DHCOG owns TECOM, a free zones company, and Jumeirah Group, the hospitality firm that manages the Burj Al Arab hotel, among other holdings. Its total assets fell to AED97.38 billion at the end of 2011 from AED105.9 billion a year before.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
25-04-12 1243GMT
