Abu Dhabi National Energy Co (TAQA), the state-owned oil explorer and power supplier, reported a 27 percent decrease in third-quarter net profit on Wednesday, citing a higher effective tax rate.
TAQA, 75 percent owned by the government of Abu Dhabi, reported a net profit of AED107 million ($29.1 million) in the three months to September 30, down from AED146 million in the same period of 2013.
The firm said its pretax profit in the quarter was AED622 million, up from AED591 million a year earlier, but its effective tax rate rose to 49 percent from 39 percent.
Revenue for the latest quarter was AED6.93 billion versus AED7.34 billion in the corresponding period last year.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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