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Abu Dhabi fund Mubadala swings to profit in H1 2012
October 4, 2012 / 9:03 AM / 5 years ago

Abu Dhabi fund Mubadala swings to profit in H1 2012

ABU DHABI, Oct 4 (Reuters) - Mubadala, the Abu Dhabi government’s investment vehicle, swung to a profit in the first-half of 2012 helped by lower impairment losses and higher revenue at its key businesses.

The state-owned fund, which has stakes in General Electric and private equity firm Carlyle, posted a first-half profit of 851.5 million dirhams ($231.83 million)compared with a loss of 1.2 billion dirhams for the same period last year.

Unlisted Mubadala, which earlier in the year bought a $2 billion stake in Brazil’s EBX Group, saw its revenues rise by 18 percent to 16 billion dirhams from 13.5 billion dirhams in the year-ago period, it said in a statement on Thursday.

Results were also boosted by a drop in losses on financial investments which fell to 771.6 million dirhams from 929.3 million dirhams in the year-ago. Impairments on property, plant and equipments was negligible at 9.4 million against a figure of 353.8 million dirhams for the year-ago period.

Asset base grew by 10 percent to 195 billion dirhams in the first half of 2012, Mubadala said.

Mubadala, one of few state-controlled vehicles to publish results, also owns stakes in local companies including indebted developer Aldar Properties and cooling firm Tabreed .

Abu Dhabi is also home to sovereign wealth fund Abu Dhabi Investment Authority (ADIA).

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