Abu Dhabi fund Mubadala swings to profit in H1 2012

ABU DHABI, Oct 4 (Reuters) - Mubadala , the AbuDhabi government's investment vehicle, swung to a profit in thefirst-half of 2012 helped by lower impairment losses and higherrevenue at its key businesses.

The state-owned fund, which has stakes in General Electric

and private equity firm Carlyle , posted afirst-half profit of 851.5 million dirhams ($231.83million)compared with a loss of 1.2 billion dirhams for the sameperiod last year.

Unlisted Mubadala, which earlier in the year bought a $2billion stake in Brazil's EBX Group, saw its revenues rise by 18percent to 16 billion dirhams from 13.5 billion dirhams in theyear-ago period, it said in a statement on Thursday.

Results were also boosted by a drop in losses on financialinvestments which fell to 771.6 million dirhams from 929.3million dirhams in the year-ago. Impairments on property, plantand equipments was negligible at 9.4 million against a figure of353.8 million dirhams for the year-ago period.

Asset base grew by 10 percent to 195 billion dirhams in thefirst half of 2012, Mubadala said.

Mubadala, one of few state-controlled vehicles to publishresults, also owns stakes in local companies including indebteddeveloper Aldar Properties and cooling firm Tabreed.

Abu Dhabi is also home to sovereign wealth fund Abu DhabiInvestment Authority (ADIA).

($1 = 3.6730 UAE dirhams)

(Reporting by Stanley Carvalho; Writing by Dinesh Nair; Editingby Praveen Menon)

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Keywords: ABUDHABI MUBADALA/RESULTS/