UAE

 

IPIC Profits Tumble 96% On Loss Booked For Daimler, Unicredit Stakes

Abu Dhabi’s International Petroleum Investment Company’s (IPIC’s) 2011 profits fell 96% to $44.69mn, the state-owned company reported on 14 June. Profits were reduced sharply by fair value accounting for its stakes in German automaker Daimler and Italian bank Unicredit, for which it booked losses of $3.4bn and $1.17bn respectively. IPIC blamed euro-dollar exchange...