Net profit $200 million for 2016 vs loss of $4.1billion in 2015.
Details (notes 14, 17) show a big swing in cost of sales due to a drop in impairment of oil & gas properties from $3 billion in 2015 to $1 million in 2016 (I double checked the b’s and m’s).
Digging, I found that “the Group changed its accounting policy with respect to the subsequent measurement of investment properties from the cost model to fair value model.”
To get a better picture I went to cash flow from operations and it dropped $572 million in 2016. Net position appears strong, direction of business not so much. Capital intensive, long term cash conversion cycle. Challenging business.