Mubadala Development Co., the Abu Dhabi sovereign fund merging with International Petroleum Investment Co., posted a 4.43 billion-dirham ($1.2 billion) loss in the first half because of lower commodities prices and smaller gains from financial investments.
The result compares with a 625 million-dirham profit a year ago, according to a financial statement from the fund on Thursday. Sales increased to 14.3 billion dirhams from 13.6 billion dirhams a year earlier, while higher depreciation and impairments contributed to the slump.
Bloomberg (8 Sept.)
