Abu Dhabi government-owned investment fund Mubadala posted a first-half loss of Dh4.5 billion ($1.23 billion) due to a fall in the value of its investments and said it would triple its capital base.
The investment fund, which has stakes in Advanced Micro Devices and Ferrari, said the results reflected an unrealised loss of Dh4.4bn on its investments in local and global markets.
"The company recognises that share price fluctuations will have a positive or negative effect on its periodical reporting of financial performance," Mubadala said in a statement on Thursday.
Mubadala, which is also a shareholder in General Electric and private equity firm Carlyle, said its board approved plans to increase share capital to Dh15bn from Dh5.5 bn currently through conversion of certain shareholder rights. The capital plan is currently in the process of being formalised, it said.
Total assets under management stood at Dh86.1 bn at the end of the first half, Mubadala said in the statement. The investment firm had assets of Dh88.5bn at the end of 2009.
First-half revenue from operations grew to Dh8bn, an increase of Dh2.1bn over the year-ago period, driven by strong performance in its aerospace, infrastructure, and oil and gas businesses, Mubadala said.
Emirates 24|7
