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Dubai firm posts record $133m profitDubai Investments Company, whose businesses range from glass-making to pharmaceuticals, posted its biggest profit in the first quarter on gains in the fair value of its investment property and real estate sales. Net income in the three months to March 31 rose 11.1 per cent to 488.28m dirhams ($133m), or 0.21 UAE dirhams per share, compared with 439.29m dirhams, or 0.19 dirhams per share in the year-earlier period. The sale of properties soared six-fold to 215.1m dirhams, and the fair valuation of investment properties gained more than 18pc to 341.91m dirhams. Contract and other revenue advanced 55pc to 402.86m dirhams. Among other companies, Dubai Investments owns stakes in Dubai Investments Park Development Company, Emirates Glass and Marmum Dairy Farm. 02.05.2008, Dubai Investments Company, News material on the Site is copyright and belongs to the Company or to its third party news provider, and all rights are reserved. Any User who accesses such material may do so only for its own personal use, and the use of such material is at the sole risk of the User. Redistribution or other commercial exploitation of such news material is expressly prohibited. Where such news material is provided by a third party, each User agrees to observe and be bound by the specific terms of use applying to such news material. We do not represent or endorse the accuracy or reliability of any of the info contained in any news or external websites referred to in the news.
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