UPDATE 1-Dubai Investments Q3 profit soars on fair value gains
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DUBAI Nov 5 (Reuters) - Conglomerate Dubai Investments , which has been eyeing opportunities to divest some of its businesses, said its third-quarter net profit more than doubled as it booked gains in the value of its investment properties.
The company, in which sovereign fund Investment Corp of Dubai (ICD) owns 11.5 percent stake, posted third-quarter net profit of 81.4 million dirhams ($22.16 million), compared with a profit of 24.9 million dirhams for the year-ago period, it said in a bourse statement on Monday.
Quarterly profit was mainly boosted by a 60 million dirhams gain on fair value of investment properties. It had booked a fair value gain of 8 million dirhams for the same period last year.
Revenue for the quarter rose to 669.1 million dirhams from 580.7 million dirhams a year-ago, the company said.
Dubai Investments, whose manufacturing business was hit by political unrest in the Gulf Arab region, said earlier this year that it was eyeing an exit from some of its businesses and was reviewing such opportunities.
The company, which has interests in several sectors including property and manufacturing, had total assets worth 13.7 billion dirhams at the end of the third quarter, Monday's statement showed.
The conglomerate has said it wants to raise up to 1 billion dirhams this year through the issue of sukuk, or Islamic bonds, to finance expansion of some manufacturing units and repay debt.
Dubai Investments shares have risen 45.6 percent year-to-date. They were yet to trade on the Dubai bourse Monday. ($1 = 3.6730 UAE dirhams) (Reporting By Mirna Sleiman; Editing by Dinesh Nair)