September 28, 2017 / 8:01 AM / a year ago

Abu Dhabi state fund Mubadala swings to 1H profit

ABU DHABI, Sept 28 (Reuters) - Abu Dhabi’s state-owned Mubadala Investment Company on Thursday reported a net profit of 4.2 billion dirhams ($1.14 billion), its first combined financials after its merger with Abu Dhabi’s International Petroleum Investment Company (IPIC) earlier this year.

That compared with a net loss of 4.7 billion dirhams in the first half of 2016, Mubadala said in a statement.

Unlisted Mubadala, which has stakes in General Electric and private equity firm Carlyle Group, also reported a total comprehensive income of 6.8 billion dirhams for first half 2017 versus a loss of 5.4 billion dirhams.

“In the first half of 2017, we worked to integrate the two portfolios under the Mubadala Investment Company,” said Chief Financial Officer, Carlos Obeid in a statement.

“We managed our costs prudently, while monetizing mature assets and growing our profit as we reduced our overall leverage.” (Reporting By Stanley Carvalho, Editing by Saeed Azhar)

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