Dubai Investments (DIC) said on Sunday its net profit for the March quarter fell 79 per cent in the March quarter.

Net profit fell to Dh202 million in the first quarter to March from Dh362 million in the year ago period. Profit for the preceding quarter included an overall gain of Dh333 million on acquisition of stake in Emirates District Cooling (Emicool).

Total assets increased to Dh20.11 billion, compared to Dh19.55 billion as at December 31, 2018; while the annualised return on equity achieved for the period was 6.4 per cent.

Khalid Bin Kalban, Managing Director and Chief Executive Officer of Dubai Investments, said in a statement: “Excluding these one-off items, the net profit for Q1 2019 has increased by Dh118 million. This is mainly due to increase in gain on fair valuation of investments which is quite encouraging as it

indicates improving market conditions.”

“The Company’s outlook for the remaining of 2019 is positive with various real estate developments nearing completion and expected recovery of the manufacturing and contracting segment which will further be boosted by acquisition of Globalpharma,” Kalban said.

Shares of Dubai Investments closed 2.14 per cent lower at Dh1.37 in a weak Dubai market. The Dubai Financial Market general index closed 0.2 per cent lower at 2,752.76.