ABU DHABI: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 stakes 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). ($1 = 3.6730 UAE dirhams) (Reuters)
