Mubadala returns to black
- United Arab Emirates: Sunday, October 07 - 2012 at 09:16
Abu Dhabi's investment fund with a mandate to boost the emirate's local economy, Mubadala Development, has returned to profit in the first half, driven by a drop in investment write-downs and higher revenues at its key businesses, Reuters has reported. Mubadala, which has stakes in General Electric and private equity firm Carlyle, said it made a profit of Dhs851.54m ($232.02m) for the first half, compared with a loss of Dhs1.18bn a year ago. Unlisted Mubadala saw its revenues rise by 18% to Dhs16bn from Dhs13.5bn in the year-ago period. Total income was Dhs976.83m, compared with a loss of Dhs453.23m a year earlier. Mubadala's total assets grew 10% to Dhs194.84bn in June 2012.
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