By Chelsey Dulaney
Carl Icahn's investment portfolio posted its first annual loss
since 2008 last year amid tumbling oil prices, though the holding
company said Apple Inc.'s recent performance helped soften the
blow.
The famed investor's publicly traded company, Icahn Enterprises
LP, swung to a loss of $373 million in 2014 from a profit of $1.03
billion in 2013. For the December quarter, the company posted a
loss of $478 million, compared with a year-earlier profit of $222
million, as revenue fell 31% to $3.37 billion.
"This year's results were obviously disappointing, with the
precipitous decline in oil prices impacting the profitability of
many of our segments," said Mr. Icahn in a news release.
The results for the year included a $564 million loss from
investment activities, compared with a gain of $1.69 billion in
2013. The key culprit, the company said, was energy investments.
Oil prices have declined about 50% from June's peak.
Among the stocks in the Icahn portfolio are Chesapeake Energy
Corp., which is down nearly 30% in the past year, and Transocean
Ltd., which has fallen 63% in the same period.
Meanwhile, Apple, in which Icahn holds a nearly $7 billion
stake, has gained 73% in the past year.
Mr. Icahn said he believes a "great amount of profit" will be
made in the next few years by those who hold positions in energy
companies, but he also predicted oil prices will continue to
decline in the near term.
As for Apple, he said: "I look forward to wearing the watch in
the very near future and possibly driving the car in the more
distant future."
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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