North America pushes Abu Dhabi's TAQA into 2013 loss

Energy giant suffered non-cash impairment related to value of its oil and gas holdings
North America pushes Abu Dhabi's TAQA into 2013 loss
By Reuters
Tue 25 Mar 2014 11:02 AM

Abu Dhabi National Energy Co (TAQA) posted a net loss of 2.52 billion dirhams ($687 million) for 2013 because of a non-cash impairment related to the value of its oil and gas holdings in North America, the company said on Tuesday.

TAQA swung from a profit after minority interests of 649 million dirhams in 2012. As a result, it said its board had recommended no dividend for 2013; for 2012, it had recommended 10 fils per share.

The one-off impairment of 3.25 billion dirhams was mostly due to "a reduction in the long-term assumptions for natural gas prices in North America and is in line with recent write-downs by other natural gas producers in the region," TAQA said.

It added that the impairment did not affect the company's ability to continue operations or service its debt.

Total revenues fell 7 percent last year to 25.76 billion dirhams, the company said.

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