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LOWER INCOME FROM DISPOSALS

Cleveland Clinic Abu Dhabi, located on
Al Maryah Island, became fully operational in H1.

Mubadala H1 net profit plunges 53.4pc

ABU DHABI, September 17, 2015

Abu Dhabi state-owned investment fund Mubadala said on Thursday its first-half profit tumbled by more than half as gains from financial investments failed to offset lower income from disposals and higher costs.

Mubadala, which has stakes in General Electric and private equity firm Carlyle, made a profit attributable to equity owners of Dh625.5 million ($170.3 million) for the first six months of 2015 compared with Dh1.34 billion in the same period a year earlier, it said in a statement.

Total comprehensive income, which comprises all forms of income, dropped 63.9 percent year on year to Dh477.7 million in the first half (H1) of the year.

Revenues were at Dh15.9 billion compared to Dh16 billion in H1 2014 as higher semiconductor, information & communications technology, healthcare, real estate and industry-related revenues were offset by lower aerospace and energy-related revenues.

Operating income was Dh761.8 million compared to Dh2.4 billion in H1 2014 primarily due to the higher cost of sales of goods and services during the period and lower income from disposals compared to H1 2014.

Mubadala Group CEO and managing director Khaldoon Khalifa Al Mubarak said: “Global economic conditions reinforce more than ever the importance of Mubadala’s long-term investment strategy and diversified portfolio.”

“We continue to focus on developing leading, globally-integrated industry sectors in the UAE that support sustainable growth. The opening of Cleveland Clinic Abu Dhabi, the region’s most sophisticated medical facility, and the continued expansion of portfolio companies such as Yahsat and Strata, continue to help drive the economic diversification of the UAE,” he added.

Mubadala Group CFO, Carlos Obeid, said: “Despite challenging market conditions such as volatile commodity prices impacting certain businesses in our portfolio, the diversity of our asset base and prudent management enabled us to record positive results. As the economic situation remains unclear, we continue to carefully manage our operations and balance sheet.” – TradeArabia News Service & Reuters




Tags: abu dhabi | Mubadala | 2015 profit |

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