Reuters: Private Equity: Abu Dhabi fund Mubadala's 2011 loss soars to $1.14 bln

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Abu Dhabi fund Mubadala's 2011 loss soars to $1.14 bln Apr 12th 2012, 09:30 Thu Apr 12, 2012 5:30am EDT * Says higher loss due to drop in financial, real estate portfolio * 2011 revenues rose 77 pct to 27.9 bln dirhams * Fund owns stakes in Carlyle, General Electric * Total assets at $48.2 bln at end of 2011 ABU DHABI, April 12 (Reuters) - Mubadala, the Abu Dhabi government's investment vehicle, on Thursday reported an overall loss for 2011 of $1.14 billion as volatile global markets led to a sharp drop in the value of its financial investments and real estate portfolio. The state-owned fund, which has stakes in General Electric and private equity firm Carlyle, made an overall loss of 4.2 billion dirhams ($1.14 billon) in 2011, compared with a loss of 338 million dirhams in 2010, it said in a statement. "While our financial investments' performance was impacted by the volatility in the global market place during 2011, we continue to maintain a long-term financial investment perspective," Khaldoon al Mubarak, chief executive and managing director said in the statement. Mubadala incurred a loss of 3.03 billion dirhams from its financial investments compared with a profit of 355 million dirhams a year earlier, the company's financial statements showed. Unlisted Mubadala saw its 2011 revenues surge 77 percent to 27.9 billion dirhams due to high energy prices last year and consolidation of its semi-conductor unit Advanced Technology Investment Company (ATIC). This compared with revenues of 15.8 billion dirhams in 2010. Total assets also grew 73 percent to 177 billion dirhams ($48.19 billion) in 2011, Mubadala said. Mubadala, one of few state-controlled vehicles to publish results, also owns stakes in local companies including indebted developer Aldar Properties and struggling cooling firm Tabreed. The fund, which holds a near-majority position in indebted Aldar, plans to transfer a 14 percent stake in the developer to secure a loan facility from an Abu Dhabi Commercial Bank . Last month, Mubadala said it would buy a $2 billion stake in Brazil's EBX Group, providing fresh capital to the Brazilian conglomerate of billionaire Eike Batista. Abu Dhabi is also home to sovereign wealth fund Abu Dhabi Investment Authority (ADIA). (Reporting By Stanley Carvalho; Editing by Dinesh Nair and Jane Merriman) Link this Share this Digg this Email Reprints

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