IPIC posted lower 2010 profits

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IPIC (The International Petroleum Investment Company) revealed in recently disclosed financial statements that the Abu Dhabi government-backed corporation posted a 65% decrease in profits over 2009.  Overall profits were put at $1.35 billion, with assets listed at $48 billion.  The numbers were made public due to a dispute with one of their more recent acquisitions, German corporation Ferrostaal about certain contractual obligations.

IPIC also claimed that the lower profits are due to a one-time deal with English bank Barclays, which it bailed out in 2009 and then regained $2.2 billion.  This inflated the year’s numbers when compared with 2010’s.  They also blamed rising expenditures for the decrease.  However, IPIC continues to flourish in a struggling economic climate, and has spent billions on stakes in many international projects.  2011 profits could be stronger as a result.

 

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Reading Time: 1 minute

IPIC (The International Petroleum Investment Company) revealed in recently disclosed financial statements that the Abu Dhabi government-backed corporation posted a 65% decrease in profits over 2009.  Overall profits were put at $1.35 billion, with assets listed at $48 billion.  The numbers were made public due to a dispute with one of their more recent acquisitions, German corporation Ferrostaal about certain contractual obligations.

Reading Time: 1 minute

IPIC (The International Petroleum Investment Company) revealed in recently disclosed financial statements that the Abu Dhabi government-backed corporation posted a 65% decrease in profits over 2009.  Overall profits were put at $1.35 billion, with assets listed at $48 billion.  The numbers were made public due to a dispute with one of their more recent acquisitions, German corporation Ferrostaal about certain contractual obligations.

IPIC also claimed that the lower profits are due to a one-time deal with English bank Barclays, which it bailed out in 2009 and then regained $2.2 billion.  This inflated the year’s numbers when compared with 2010’s.  They also blamed rising expenditures for the decrease.  However, IPIC continues to flourish in a struggling economic climate, and has spent billions on stakes in many international projects.  2011 profits could be stronger as a result.

 

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