UPDATE 1-Abu Dhabi state fund Mubadala's profit jumps

jueves 17 de abril de 2014 08:12 GYT

(Adds detail, context)

* 2013 profit 1.45 bln dhs vs 470 mln dhs yr-ago

* 2013 income 5.3 bln dhs vs 1.6 bln dhs in 2012

* Performance of investments underpins earnings growth

DUBAI, April 17 (Reuters) - 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 soaring stock markets boosted the value of its financial investments.

Mubadala, which has stakes in General Electric and private equity firm Carlyle, said it earned 1.45 billion dirhams ($395 million), up from 470 million dirhams in 2012.

Financial investments swung from a loss of 1.39 billion in 2012 to a profit of 3.36 billion, helping push total comprehensive income to 5.3 billion dirhams from 1.6 billion.

Stock markets in the United Arab Emirates were among the strongest performers globally in 2013, with Dubai's bourse more than doubling in value and Abu Dhabi's index jumping 63 percent. Mubadala also has holdings in firms including Aldar Properties, telecom operator du and cooling firm Tabreed.

The gains came despite problems with its investment in EBX Group, a troubled Brazilian conglomerate run by billionaire tycoon Eike Batista. Mubadala bought a 5.6 percent stake for $2 billion in March 2012.   Continuación...