Mubadala Development Company, the Abu Dhabi state investment company, reported a net loss of Dh315 million ($85.8 million) in 2010 due to mark to market writedowns, it said on Thursday.

The company said in a statement that strong operational results helped to underpin results, which showed a profit of Dh1.1 billion before taking into account the investments impairments.

Revenue for the year was Dh16 billion, a 22 per cent increase over Dh13.1 billion in 2009.

Total assets increased by 14 per cent to Dh101.5 billion.

Credit ratings remained among the top corporate ratings in the region at Aa3/AA/AA by Moody’s, Fitch and S&P, the company said.

“Through our successful partnerships, such as Emal and Ammroc, and our active role in strengthening Abu Dhabi’s healthcare and social infrastructure, Mubadala continues to strongly contribute to the diversification of the emirate’s economy while delivering tangible social benefits,” said Khaldoon Khalifa Al Mubarak, Mubadala chief and managing director.

The 22 per cent increase in revenue year-on-year was largely driven by the strong performance in the aerospace, infrastructure and oil & gas businesses, which all realised significant growth in their operating income, he added.-TradeArabia News Service & Reuters