Dubai Investments 2013 net profit jumps on gains

DUBAI Wed Jan 29, 2014 5:35am EST

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DUBAI Jan 29 (Reuters) - Conglomerate Dubai Investments reported a more than two-fold jump in its 2013 net profit on Wednesday, on the back of higher gain on fair value of its investments, profit from sale of properties and reduced finance costs.

The company, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, posted a net profit of 822 million dirhams ($223.8 million), compared with 321.4 million dirhams in 2012.

Revenue for the period was 2.8 billion dirhams compared to 2.3 billion dirhams in 2012.

The company did not provide quarterly figures. ($1 = 3.6730 UAE dirhams) (Reporting by Praveen Menon; Editing by Dinesh Nair)

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