Taqa Quarterly Net Falls as North Sea Field Halt Hurts Sales
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Abu Dhabi National Energy Co., the state-controlled oil producer, said first-quarter profit fell to about a fifth of the year-ago period’s net income, which included a non-recurring gain, and as a crude leak hurt output.
Net income declined to 106 million dirhams ($28.9 million) from 534 million dirhams in the year-earlier period, the company known as Taqa said in an e-mailed statement today. Taqa’s net income for the first quarter of 2012 included a one-time 378 million-dirham gain from the sale of Canadian assets. Revenue slipped 5.6 percent to 5.42 billion dirhams.