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The trade, which made Aabar the biggest shareholder in Arabtec, was done at a price of Dh5 per share, compared to the stock's closing market price of Dh4.26. (SUPPLIED)
Abu Dhabi's Aabar Investments posted a leap in net profit in the first quarter to Dh1.58 billion, mainly due to derivatives income, after revising its year-ago result to a deep loss.
The firm, which is the largest shareholder in German automaker Daimler, reported gains in income from financial derivatives of Dh1.2bn in the quarter, according to the company's earnings statement.
But Aabar revised its first quarter 2009 result sharply lower to a loss of Dh1.045bn from a previously reported profit of Dh177 million.
Aabar said it had "identified errors in the classification of an investment, arising from the misinterpretation of fundamental facts", resulting in a decrease of Dh1.22bn in the fair value of investments.
The quarterly earnings are because "of an increase in the value of Aabar's existing investments and its seeking out other new investments in the global market," Chairman Khadem Al Qubaisi said in the statement. This dragged the company to a loss for the year-ago quarter of Dh1.045 billion, according to the income statement.A company spokesman was not reachable for comment.
The company, which has a stake in Virgin Galatic, said it was reviewing further buys as part of its acquisition plans after sealing a deal with US company Xojet to establish an Abu Dhabi-based firm offering aviation services in the Middle East, and a deal with German tunnel boring and drilling firm Herrenknecht.
Aabar and Dubai-based Arabtec recently called off a $1.7bn agreement for Aabar to take over Arabtec.
International Petroleum Investment Corporationis the majority shareholder in Aabar.
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