Mubadala posts Dh315m loss

The Abu Dhabi government's investment vehicle Mubadala posted a loss of Dh315 million ($85.8 million) in 2010 due to mark to market writedowns, it said on Thursday.

The unlisted investment group, which holds stakes in Advanced Micro Devices, General Electric and private equity firm Carlyle, also said it boosted its total assets by 14 per cent to Dh101.5 billion in 2010.

Mubadala Chief Executive Khaldoon Khalifa Al Mubarak 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.

"The strength of our operations underpinned Mubadala's financial performance," Mubarak said in a statement.

Revenue rose 22 per cent year-on-year to Dh16 billion, helped by its aerospace, infrastructure and oil and gas businesses, Mubadala said.

"The increase in revenue year-on-year was largely driven by the strong performance in the aerospace, infrastructure and oil and gas businesses which all realised significant growth in their operating income," the statement said.

Mubadala, one of few state-controlled vehicles to publish results, also owns stakes in local companies including indebted developer Aldar Properties and struggling cooling firm Tabreed.

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