ABU DHABI, June 8 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
(Reporting by Stanley Carvalho; editing by Saeed Azhar)