Abu Dhabi's state-owned fund International Petroleum Investment Co posted a $3.42 billion loss on stakes held by its unit in automaker Daimler and Italian bank UniCredit in 2011, all but wiping out its profit.
IPIC, which reported a 97 percent drop in 2011 net profit on Wednesday due to "both market and economic volatility", released full financial results on Thursday detailing the loss on the two European groups held by its unit Aabar Investments.
The fair value loss on its 9.1 percent stake in Daimler stood at $2.25 billion in 2011 versus a $1.3 billion gain in 2010, IPIC report said. Its UniCredit fair value loss was $1.17 billion versus a $239 million loss in the previous year. It holds a 4.99 percent stake in the Italian bank.
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