Dubai Investments PJSC (DIC), which owns stakes in more than 40 companies, reported a 64 percent drop in first-quarter profit as gains from property investments fell.
Net income declined to 101 million dirhams ($27 million) from 277.7 million dirhams a year earlier, the company said in a statement to the Dubai bourse today. Gains from investment properties fell to 33 million dirhams from 168 million dirhams.
Real-estate prices in Dubai have slumped 62 percent from their peak in mid-2008 after the global credit crisis caused mortgage lending to dry up and speculation-driven demand to wane, Deutsche Bank AG said in February. House prices in the United Arab Emirates may drop another 30 percent as population growth stagnates and more new properties are put onto the market, Dubai Investment bank Rasmala said in March.
No comments:
Post a Comment