IPIC reports a USD2.7bn loss in 2015, assets fell 12% Y-o-Y
International Petroleum Investment Company (IPIC) reported a loss of USD2.7bn in 2015, compared to net income of USD1.5bn in 2014. The company’s results release attributes this loss to impairments. Profit before impairments stood at USD3.3bn. The company’s assets dropped to USD58bn from USD66bn a year earlier. While IPIC lowered its debt by USD2.5bn to a total of USD27.5bn in 2015. (Bloomberg)
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