Abu Dhabi National Energy Co says it saw a slump in income from oil and gas business
Abu Dhabi National Energy Co (TAQA), the state-owned oil explorer and power supplier, swung to a loss in the second-quarter weighed down by derivatives and hedging exposures and a slump in income from its oil and gas business.
TAQA, 75 percent owned by the government of Abu Dhabi, reported a net loss of AED172m ($46.83m) for the quarter ending June 30, compared with a profit of AED44m in the corresponding period in 2012, the company said in a bourse statement.
Revenue for the quarter was AED2.1bn, lower than the AED2.6bn generated in the prior-year period.
The company posted a loss of AED114m due to changes in fair value of derivatives and hedges in the quarter. This compares to a gain of AED80m in the second quarter of 2012.
Total oil and gas revenues declined by 18 percent in the first half of the year to AED4.8bn for the first half 2013, due to lower production in the UK North Sea and softer pricing in Europe for oil.
The state-owned utility has investments in the energy and power sector in the Middle East, India, Africa, the UK and north America.