Google+ Followers

Wednesday, 2 September 2009

Aabar posts $594 million loss for Q2

Aabar Investments, the Abu Dhabi Government-backed investor, swung to a loss of Dh2.18 billion (US$594 million) in the second quarter after using derivative financial instruments to soak up risks from its acquisition in the luxury car maker Daimler.

The loss caps a period of frenetic investment for the group, which has seen it take stakes over recent months in Daimler and Sir Richard Branson’s Virgin Galactic space travel venture, and helped its stock price increase by half since the beginning of the year.

Aabar booked provisions of Dh2.2bn for losses from derivative instruments during the period. It had reported a Dh546m profit a year earlier.