The International Petroleum Investment Company, an Abu Dhabi Government-controlled conglomerate, yesterday reported US$1.35 billion of profit for last year, a decline of 67.5 per cent from 2009.
The drop in profit was due mainly to huge one-time gains made in 2009 on an investment in Barclays, the British banking giant.
Ipic had thrown the bank a lifeline in the worst stretch of the financial crisis and made $2.2bn (Dh8.08bn) when it exited. Rising expenses last year also contributed to the decline in profits.
No comments:
Post a Comment