Mubadala Development Co., an Abu Dhabi government investor with stakes in Carlyle Group and Ferrari SpA, reported a first-half comprehensive loss as its investments lost value because of the decline in global markets.
The loss was 4.5 billion dirhams ($1.2 billion) compared with a profit of 2.7 billion dirhams in the year-earlier period. Mubadala had an unrealized loss of 4.4 billion dirhams from public market investments in the first half, the company said in an e-mailed statement today.
“The numbers reflect the movements in shares for Aldar Properties, Du, AMD and General Electric,” Chief Operating Officer Waleed Al Mokarrab Al Muhairi said in a phone interview today. “They are non cash, mark to market. That is the source of all losses -- it is not the operating businesses and it is not the underlying health of Mubadala.”
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