DUBAI: Dubai Investments said on Monday that its net profit for the third quarter rose 17.4 percent on the back of lower costs and administrative expenses.
The conglomerate, in which sovereign fund Investment Corp of Dubai owns an 11.5 percent stake, said its net profit attributable to owners of the company was 189.1 million dirhams ($51.5 million) in the three months to Sept. 30, compared with 161.1 million dirhams in the same period of 2013.
The firm's nine-month profit nearly doubled to 994.6 million dirhams.
Dubai Investments sold a 66 percent equity stake in its wholly owned pharmaceutical unit Globalpharma to an investor group led by French drugmaker Sanofi ; the deal contributed a profit of 472 million dirhams for the second quarter. (Reuters)
