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UPDATE 2-Kuwait's Dar posts 37 pct rise in 07 net, Q4 dives

Mon Mar 31, 2008 11:56pm IST
 
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By Ulf Laessing and Rania El Gamal

KUWAIT, March 31 (Reuters) - Kuwait's Investment Dar (TIDK.KW: Quote, Profile, Research), the Islamic investment firm that bought half of luxury car maker Aston Martin, posted a 37 percent rise in 2007 profit despite an almost 80 percent dive in the fourth quarter.

Net profit in the year was 126 million dinars ($474.2 million), up from 92 million dinars in 2006, the firm said in a statement late on Monday.

But net profit fell to 3.9 million dinars in the last three months, down from 18.29 million dinars in the same period a year earlier, Reuters calculated based on full-year profit.

Investment Dar, which buys into firms according to Islamic law and is expanding into the Middle East, offered no explanation but traditionally has a weak fourth quarter.

Analysts at Global Investment House had expected fourth-quarter quarterly net profit of 33.90 million dinars, according to a Reuters survey in December.

Chairman Adnan al-Musallam said in a statement the firm had sold assets worth 200 million dinars in 2007 and had expanded its banking investment, which helped drive full-year profit.

Investment Dar said it would propose a cash dividend of 70 fils and a 25 percent bonus share issue for 2007. For 2006 it had paid a 50 fils cash dividend and a 7.5 percent bonus share issue. There are 1,000 fils to the dinar.  Continued...

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