Mubadala Development Co., an Abu Dhabi state-owned investor with stakes in General Electric Co. (GE) and Carlyle Group, said first-half loss narrowed to 1.18 billion dirhams ($320 million) from 1.39 billion dirhams a year ago.
Operating income rose to 14 billion dirhams from 6.46 billion dirhams a year earlier, the company said in a statement today distributed through the Regulatory News Service. Total comprehensive income attributable to the equity holders amounted to 198 million dirhams after a loss of 4.4 billion dirhams in the same period last year, Mubadala said. Revenue increased 70 percent to 13.6 billion dirhams and total assets rose 67 percent to 169.7 billion dirhams.
Mubadala plans to increase spending to about 60 billion dirhams this year as it directs funds to companies such as Advanced Technology Investment Co., Mubadala GE Capital and its Masdar project. The group spent an average 16.4 billion dirhams over the last three years, according to the company’s bond prospectus in April.
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