IPIC posted lower 2010 profits
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.
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...
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.
