September 18, 2014 / 8:47 AM / 3 years ago

Abu Dhabi's Mubadala H1 profit up 23 pct on higher JV income

ABU DHABI/DUBAI, Sept 18 (Reuters) - Mubadala, the Abu Dhabi state-owned investment fund with a mandate to develop the emirate's economy, posted a 23 percent increase in profit for the first half of 2014, aided by higher income from its joint ventures.

Mubadala, which has stakes in General Electric and private equity firm Carlyle, made a profit attributable to equity owners of 1.34 billion dirhams ($364.8 million) in the first six months of 2014 compared with 1.09 billion dirhams in the previous year, according to its financial statement.

The profit increase was helped by a doubling of income from its joint venture businesses, such as Emirates Global Aluminium and Dolphin Energy, to 2.12 billion dirhams.

However, total comprehensive income, which comprises all forms of income, in the first half of this year slipped 37.4 percent year-on-year to 1.32 billion dirhams, due to a smaller increase in value of its financial investment portfolio compared with the same period of 2013.

1 US dollar = 3.6729 United Arab Emirates dirham Reporting by Stanley Carvalho and David French; Editing by Mark Potter

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