Monday 24 September 2012

Dubai's JAFZA posts 20 pct drop in H1 net profit | Reuters

Dubai state-owned industrial hub Jebel Ali Free Zone (JAFZA) said profit for the first half of the year fell 20 percent as higher financing costs more than offset a rise in revenue.

The company, which completed a three-pronged financing package to repay a $2 billion-equivalent Islamic bond earlier this year, made a profit of 212 million dirhams ($57.72 million), down from 265 million in the same period last year.

Revenues rose to 712 million dirhams in the first half of 2012 from 662 million dirhams in the first half of 2012, company financial statements showed.

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