Globally, spot gold was down 0.1 per cent at $2,562.61 per ounce, as of 9.54am UAE time
markets4 hours ago
Abu Dhabi's state fund Mubadala Investment Company made a net profit of Dh4.2 billion ($1.14 billion) in the first half of the year, it reported on Thursday, its first set of results since merging with the other state wealth fund, International Petroleum Investment Company (IPIC).
Mubadala made a net loss of Dh4.7 billion in the first half of 2016, it said in a statement.
Total assets rose to Dh465.5 billion at the end of June, from Dh449.7 billion a year ago.
The merged fund, whose investments include stakes in General Electric and private equity firm Carlyle Group, also reported "total comprehensive income" of Dh6.8 billion in the first half of 2017 compared with a "total comprehensive loss" of Dh5.4 billion in the same period last year.
Separating the results for the two funds, Mubadala Development Company made a first-half net attributable profit of Dh578.4 million versus a loss of Dh4.43 billion a year ago, while IPIC made a net attributable profit of Dh2.67 billion, having lost Dh946.2 million in the first half of last year.
"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 monetising mature assets and growing our profit as we reduced our overall leverage." Mubadala said little about the outlook or its investment plans in its statement, but its CEO Khaldoon Al Mubarak said earlier this year the firm was lining up new overseas investments in 2017 and might also sell or reduce some of its existing stakes in companies.
Mubadala's revenues in the first half totalled Dh83.4 billion versus Dh72.9 billion in the year-ago period, helped by higher revenues from its oil and gas, semiconductors and aerospace interests, the statement said. The company also made gains from financial investments and favourable currency, it added. - Reuters
Globally, spot gold was down 0.1 per cent at $2,562.61 per ounce, as of 9.54am UAE time
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