Abu Dhabi’s Taqa Posts Quarterly Profit on Lower Costs, Taxes
Abu Dhabi National Energy Co. (TAQA), the state-controlled utility known as Taqa, reported a profit for the third-quarter, rebounding from a loss for the same period a year ago, as operating costs and income taxes fell.
Net income was 146 million dirhams ($39.8 million), compared with a year-ago loss of 288 million dirhams, the company said today in a statement to the Abu Dhabi stock exchange. Revenue declined 16 percent to 7.4 billion dirhams.
Taqa has stakes in businesses generating power and producing oil and natural gas in the Middle East, North Sea, India and North America. It expanded last year by adding oilfield operations in northern Iraq and buying U.K. crude deposits from BP Plc. Taqa won approval in October from authorities in Iraq’s semi-autonomous Kurdish region to develop a field there.
Profitability improved as the utility cut operating costs by 38 percent to 3.3 billion dirhams, according to the statement. Taxes dropped to 230 million dirhams from 767 million dirhams in the year-earlier period.
Revenue from oil and natural gas rose 35 percent to 3.45 billion dirhams on higher crude and gas prices, the company said. Power and water sales fell to 2.6 billion dirhams from 4.9 billion dirhams, it said.
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