Dubai Holding unit's 2012 profit surges on lower impairments
DUBAI, April 1
DUBAI, April 1 (Reuters) - Dubai Holding's main unit posted a six-fold increase in net profit for 2012 driven by higher revenues, cost cuts and a significant drop in impairment expenses.
Dubai Holding Commercial Operations Group (DHCOG), part of the Dubai ruler's personal business empire, posted a net profit of 1.2 billion dirhams ($326.71 million) for 2012, compared with profit of 204 million dirhams in 2011, it said in a bourse statement on Monday.
Total revenues in 2012 rose by 3.8 percent to 9.2 billion dirhams from 8.8 billion dirhams a year earlier, while impairment charges dropped to a mere 7 million dirhams from 2.4 billion dirhams in 2011, DHCOG said. ($1= 3.6730 UAE dirhams) (Reporting by Mirna Sleiman; Editing by Dinesh Nair)