Abu Dhabi state-owned oil explorer in $113m Q3 loss

Abu Dhabi National Energy Company (TAQA) revenues were hit by weak oil prices
Abu Dhabi state-owned oil explorer in $113m Q3 loss
(Photo for illustrative purposes only)
By Reuters
Wed 11 Nov 2015 09:38 AM

Abu Dhabi National Energy Company (TAQA), the state-owned oil explorer and power supplier, swung to a net loss in the third-quarter, it said on Wednesday, as revenues were hit by weak oil prices.

TAQA, 75 percent owned by the government of Abu Dhabi, reported a net loss of AED416 million ($113.3 million) for the quarter ending September 30, compared with a net profit of AED107 million in the prior-year period, the company said in a statement.

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