ABU DHABI, June 13 (Reuters) - Abu Dhabi's International
Petroleum Investment Company (IPIC) reported a net
profit of $44.7 million on Wednesday, down from $1.3 billion in
the prior-year period, as market volatility and currency
exchange risks weighed on profitability.
Total group debt at the end of 2011 stood at $35.8 billion,
the statement said, and did not reflect the repayment of nearly
$1 billion in 2012.
"Results for 2011 in comparison to 2010 were subject to both
market and economic volatility which continues today," said
Khadem al Qubaisi, managing director at IPIC, an investment
vehicle wholly-owned by the Abu Dhabi government.
"The impact of Euro/Dollar exchange rates on the value of
IPIC's Euro-denominated assets, in addition to changes of our
mark-to-market listed investments, pared the strong performance
of our core underlying operations."
Total assets at the end of 2011 stood at $65.3 billion while
revenues hit $34.3 billion, the statement said.
(Reporting by Stanley Carvalho; Writing by Rachna Uppal;
Editing by David French)