Abu Dhabi’s state-owned International Petroleum Investment Co (IPIC) reported on Wednesday a 37% drop in net attributable profit for 2014 as low oil prices hurt earnings.

IPIC, whose board was revamped this year, made a net profit attributable to equity holders in the parent of $1.21 billion against $1.92 billion in 2013, according to its financial statement.

The firm, which focuses on investments in the energy and related sectors, said its total assets fell to $66.3 billion at the end of 2014 from $68.4 billion a year earlier.

Source: Reuters