FINANCIAL NEWS

Abu Dhabi’s Aabar posts $430.2 Q1 profit

16 May 2010

(MENAFN) Abu Dhabi’s Aabar Investments said that its first-quarter profit surged to $430.2 million, mainly on the back of derivatives income, Reuters reported.

According to Aabar’s earnings statement, the firm, which has a stake in German automaker Daimler, made gains in income from financial derivatives of $326 million in the first three months of the year.

On the other hand, the Abu Dhabi-based firm revised its first quarter 2009 result sharply lower to a loss of $284 million from a previously reported profit of $48.19 million.

Aabar said that it had identified errors in the classification of an investment, arising from the misinterpretation of fundamental facts, resulting in a decrease of $332 million in the fair value of investments.

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