Abu Dhabi's IPIC H1 profit soars on instruments sale

Instruments sold by oil co were due to convert into Barclays shares by end-June.
Abu Dhabi's IPIC H1 profit soars on instruments sale
By Martin Morris
Thu 15 Oct 2009 12:50 AM

First-half profit of Abu Dhabi's International Petroleum Investment Co (IPIC) surged more than 15-fold to $2.12 billion on a one-off sale of Barclays instruments, state news agency WAM said on Wednesday.WAM said IPIC's jump in profit from $136 million in the year-earlier period was due to sales of Barclays convertible instruments.

In early June, IPIC made $2.5 million by selling the instruments that were due to convert into Barclays shares by the end of the month. (Reuters)

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