Abu Dhabi state fund Mubadala swings to 1H profit

[ABU DHABI] Abu Dhabi's state-owned Mubadala Investment Company on Thursday reported a net profit of 4.2 billion dirhams (S$1.5 billion), its first combined financials after its merger with Abu Dhabi's International Petroleum Investment Company (IPIC) earlier this year.

That compared with a net loss of 4.7 billion dirhams in the first half of 2016, Mubadala said in a statement.

Unlisted Mubadala, which has stakes in General Electric and private equity firm Carlyle Group, also reported a total comprehensive income of 6.8 billion dirhams for first half 2017 versus a loss of 5.4 billion dirhams.

"In the first half of 2017, we worked to integrate the two portfolios under the Mubadala Investment Company," said Chief Financial Officer, Carlos Obeid in a statement.

"We managed our costs prudently, while monetizing mature assets and growing our profit as we reduced our overall leverage."

REUTERS