Mubadala Development, a strategic investment company owned by the Abu Dhabi government, reported a decline in 2014 profit caused by oil and gas impairments and a fall in investment income.
Profit fell by about 28.9 per cent despite a rise in overall revenues.
Net income fell to Dh1.03 billion, from Dh1.45 billion a year earlier.
The company said that revenue for the whole group rose by about 5 per cent to Dh32.66bn.
The biggest hit to the bottom line came from the group’s Mubadala Petroleum division, which took an asset impairment charge of Dh1.88bn, writing down the value of oil and gas assets in the Middle East and South East Asia because of the decline in oil prices and the gloomy outlook for a recovery.
http://www.thenational.ae/business/economy/abu-dhabi-strategic-investment-firm-mubadala-reports-profit-drop-of-28-to-dh1-billion-but-revenues-rise
No comments:
Post a Comment