Temasek, the Singapore-based sovereign wealth fund that has taken a big stake in Merrill Lynch (MER), posted a record profit for the year ended March 31 but warned that the global economic picture looks grim. The state-run firm said Tuesday it remains “concerned with the emerging risks of stagflation” and added that “the fallout of the credit crisis will continue to dampen the global economy over the next 24 months, with sharply escalated oil and food prices beginning to test inflation expectations.”

Temasek made the comments in posting a profit of 18 billion Singapore dollars (US$13 billion) for the year ended in March, with total shareholder return of 7%. Though the firm made headlines stateside with its investment last December in Merrill - a stake that now stands to more than double, at sharply lower prices, with Temasek’s subscription to Merrill’s latest capital-raising - Temasek said it remains focused on investing in Asia, while being “open to deepening and broadening its exposure to other markets such as Russia and Latin America through funds and direct investments.”

Merrill Lynch (MER) got a $6.6 billion capital infusion from overseas investors. The big brokerage firm, which is looking at billions of dollars in losses tied to mortgage-related debt when it reports fourth-quarter earnings Thursday morning, said it sold preferred stock to buyers led by Korean Investment Corporation, Kuwait Investment Authority and Mizuho Corporate Bank. Merrill will pay 9 percent in the deal, which also includes  TPG-Axon Capital, The New Jersey Division of Investment, The Olayan Group and T. Rowe Price Associates.

The capital-raising move is the second in as many months for Merrill, which in December raised $6 billion from Singapore’s Temasek and U.S. firm Davis Selected Advisors. Tuesday’s move means the firm has raised nearly $13 billion in just the last month - though it’s worth noting that estimates of the firm’s mortgage-related writedowns could reach almost as high. “One of my main priorities over the last several weeks has been to ensure Merrill Lynch’s balance sheet is strong,” said CEO John Thain, “and these transactions make certain that Merrill Lynch is well-capitalized.” That’s the case for now, anyway.