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Thursday, 8 September 2016

Mubadala swings to near Dh5bn loss in first half of the year despite higher revenue | The National

Mubadala swings to near Dh5bn loss in first half of the year despite higher revenue | The National:

"Mubadala Development Company said it made a loss of nearly Dh5 billion in the first six months of the year, compared to a profit of about Dh500 million in the first half last year.

The Abu Dhabi government-owned strategic investment company said its revenue was about 5 per cent higher during the period at Dh14.3bn, compared with Dh13.6bn the previous year. But profit for the group – which has investments in semiconductors, aluminium manufacturing, health care and energy, as well as other business segments – were hit by a combination of higher operating costs, lower commodity prices and an impairment charge of about Dh1.5bn for unspecified currency losses across the group.


The total comprehensive loss of Dh5bn includes tax and fair value adjustments. Mubadala said the loss attributable to the owner was Dh4.4bn compared to a profit for last year’s first half of Dh625m.

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