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Aabar reported a net loss of Dh2.18 billion after Aabar provided Dh2.25 billion against losses from derivative instruments in the quarter, the Abu Dhabi government-backed company said on Tuesday.
It did not give details about its derivatives losses.
Aabar earned a net profit of Dh546 million in the same quarter of 2008, and a net profit of Dh177 million in the first quarter of this year.
The company generated revenues of Dh57 million in the second quarter, a stark difference from the same period last year when it racked up revenues of Dh692.5 million due to the sale of a subsidiary, it said.
Aabar has made a string of high-profile acquisitions in recent months. It paid $2.7 billion in March for a 9.1 per cent stake in Daimler, the world’s second-biggest luxury carmaker. In July, it bought a 32 per cent stake in Richard Branson’s Virgin Galactic Ltd. commercial space venture for $280 million.
Aabar in April acquired the Swiss-based private banking division of American International Group Inc., or AIG, now renamed as Falcon Private Bank.
On August 10, it signed a deal with the Algerian government to setup vehicle and engine manufacturing plants in cooperation with five German companies including MAN Ferrostaal and Daimler.
Closer to home, Aabar has acquired 14 plots of land on Al Reem Island and in other real estate developments in the capital city.
It bought seven plots earlier in the year to develop properties with the aim of generating rental income or to sell them upon completion.
International Petroleum Investment Co., another Abu Dhabi government-backed investor, owns 71 per cent of Aabar. IPIC uses Aabar for its non-oil investments.
Aabar’s shares closed at Dh2.54, down 6.7 per cent, on the Abu Dhabi Secuerities Exchange.
· haseebhaider@khaleejtimes.com
· With inputs from Agencies
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