Abu Dhabi – Mubasher: Mubadala Development announced that its net profits amounted to AED 625.5 million in the first half of 2015, down 52% from AED 1.3 billion in the same period the year before.

The rise in income from investments was subdued by a decline operating profits, the Abu Dhabi-based government-owned strategic investment firm said.

Revenues dropped to AED 15.9 billion in the six-month period this year, from AED AED 16 billion in H1-14. This was due to a rise in revenues from information and communication technology, healthcare, real estate and industry against a drop in sales from the aircraft and energy industries.

Operating income amounted to AED 761.8 million, down from AED 2.4 billion in H1-14, owing to a sharp increase in cost of sale and services during the period added to lower income from sale of assets compared to H1-14.

“Despite challenging market conditions such as volatile commodity prices impacting certain businesses in our portfolio, the diversity of our asset base and prudent management enabled us to record positive results," said Carlos Obeid, Mubadala Group’s chief financial officer.

"As the economic situation remains unclear, we continue to carefully manage our operations and balance sheet,” he added.