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)