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Mubadala ‘s FY13 profit triples on investments performance

Mubadala ‘s FY13 profit triples on investments performance
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 it benefited from a strong performance by its financial investments, Arabian Business reported.

Mubadala, which has stakes in General Electric and private equity firm Carlyle, made a profit attributable to equity owners for 2013 of AED1.45 billion ($395 million) compared with AED470 million dirhams in the previous year, according to its financial statement.

Total comprehensive income, which comprises all forms of income, jumped to AED5.3 billion in 2013 from AED1.6 billion in the previous year, which the fund attributed to growth in its financial investments.

Mubadala made a profit of AED3.36 billion on its financial investments in 2013. It had made a loss of AED1.39 billion in the previous year.