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Mon 14 May 2007 02:50 PM

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Abu Dhabi Taqa's Q1 revenue surges

The Gulf's second-largest utility by market value reports a first-quarter revenue of $286m.

Abu Dhabi National Energy Co. (Taqa), the Gulf's second-largest utility by market value, said first-quarter revenue rose 44% to 1.05 billion dirhams ($285.9 million).

Taqa generated income of 698 million dirhams in the three months to March 31 last year, the company said in a statement. It did not give a first-quarter profit figure.

Emaar Financial Services forecast in a Reuters survey in March that Taqa's profit would surge 141% to 164 million dirhams.

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