June 8, 2017 / 9:59 AM / a year ago

Abu Dhabi's IPIC says net profit rebounds in 2016 as impairments drop

ABU DHABI, June 8 (Reuters) - Abu Dhabi’s International Petroleum Investment Company (IPIC) which is now part of Mubadala Investment Company, swung to a profit in 2016, helped by a sharp drop in impairments and lower feedstock costs, it said on Thursday.

IPIC made a net profit attributable equity holders of $446 million in 2016 compared to a net loss of $2.6 billion in the prior-year, the company said in a statement. Revenues for 2016 fell to $33.8 billion versus $35.8 billion in 2015 due to lower oil prices. Earlier this year IPIC and Malaysia’s state fund 1Malaysia Development Berhad (1MDB) reached an agreement to settle a debt dispute. (Reporting by Stanley Carvalho; Editing by Saeed Azhar)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below