Mubadala posts 39 per cent fall in profits

08 September 2009

Abu Dhabi’s state owned investment company posts fall in first half but doubles assets in past 12 months

Abu Dhabi’s Mubadala Development Company’s profits in the first half of 2009 were AED737.7m ($196.1m), down 39 per cent on the same period the year before.

In the first half of 2008, the firm made a profit of AED1.2bn.

The company blamed the fall in profits on lower oil and gas prices.

In April, the company said it had lost AED11.8bn in 2008 as a result of the fall in value of its investments in chip-maker Advanced Micro Devices and the private equity firm the Carlyle Group.

Although profits fell, Mubadala’s total operating income rose 81 per cent to AED6.5bn.

The company’s total assets reached $21.6bn on 30 June 2009, more than double their $10.7bn value on 30 June 2008.

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