Wednesday, 13 June 2012

UPDATE 1-Abu Dhabi's IPIC 2011 net profit slumps 96 pct | Reuters

Abu Dhabi's International Petroleum Investment Company (IPIC) reported a 96 percent slump in 2011 full-year profit on Wednesday, as market volatility and currency exchange risks weighed on its investment portfolio.

The government-owned investment vehicle made a net profit of $44.7 million last year, a company statement said, down from $1.3 billion in the prior-year period.

But profit from continuing operations, an indicator of core business performance, surged to $540 million in 2011, up over 350 percent from the previous year, according to the statement.

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