Abu Dhabi's TAQA rebounds to Q3 net profit

Energy company posts net profit of $40m after suffering losses in same period last year
Abu Dhabi's TAQA rebounds to Q3 net profit
(Photo for illustrative purposes only)
By Reuters
Wed 06 Nov 2013 02:24 PM

Abu Dhabi National Energy Co (TAQA), the state-owned oil explorer and power supplier, swung to a profit in the third quarter, saying its key operations had returned to full production.

TAQA, 75 percent owned by the government of Abu Dhabi, reported a net profit of AED146m ($40 million) for the quarter ending September 30, compared with a loss of AED288m in the corresponding period of 2012, the company said in a statement.

Revenue for the quarter was AED7.4bn ($2 billion), a decrease from AED8.8bn generated in the prior-year period. Oil and gas revenues, however, grew 28 percent in the third quarter to AED3.8bn.

TAQA said its Cormorant Alpha field in the North Sea - shut down earlier this year - returned to production on June 30 with full output restored on August 24.

TAQA has investments in the energy and power sector in the Middle East, India, Africa, the U.K. and north America.

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.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.