(Adds detail, context)
* 2013 profit 1.45 bln dhs vs 470 mln dhs yr-ago
* 2013 income 5.3 bln dhs vs 1.6 bln dhs in 2012
* Performance of investments underpins earnings growth
DUBAI, April 17 Mubadala, the Abu
Dhabi state-owned investment fund with a mandate to develop the
emirate's economy, said on Thursday its 2013 net profit tripled
as soaring stock markets boosted the value of its financial
Mubadala, which has stakes in General Electric and
private equity firm Carlyle, said it earned 1.45 billion
dirhams ($395 million), up from 470 million dirhams in 2012.
Financial investments swung from a loss of 1.39 billion in
2012 to a profit of 3.36 billion, helping push total
comprehensive income to 5.3 billion dirhams from 1.6 billion.
Stock markets in the United Arab Emirates were among the
strongest performers globally in 2013, with Dubai's bourse
more than doubling in value and Abu Dhabi's index
jumping 63 percent. Mubadala also has holdings in firms
including Aldar Properties, telecom operator du
and cooling firm Tabreed.
The gains came despite problems with its investment in EBX
Group, a troubled Brazilian conglomerate run by billionaire
tycoon Eike Batista. Mubadala bought a 5.6 percent stake for $2
billion in March 2012.
While making no direct reference to EBX, Mubadala said it
had been repaid 1.65 billion dirhams in a combination of cash
and securities as part of a loan restructuring. The rest of the
loan, which is backed by guarantees and securities in various
entities, would be returned in stages by June 2017.
Unlike other regional sovereign wealth funds such as the Abu
Dhabi Investment Authority (ADIA) and Qatar Investment Authority
(QIA), Mubadala's main aim is to help boost the local economy.
The fund has interests in semiconductors, oil and gas,
aerospace and real estate among others.
Total assets held by Mubadala grew 11 percent to 223.8
billion dirhams at the end of 2013, which it attributed to a
gain from last year's merger of Emirates Aluminium - of which
Mubadala owned 50 percent - with Dubai Aluminium.
($1 = 3.6730 UAE Dirhams)
(Reporting by David French; editing by Andrew Torchia and Tom