Shares in Abu Dhabi National Energy Co (TAQA) surged in early trade on Wednesday after the state-run firm swung to a second-quarter net profit and announced it was pulling out of some overseas acquisition plans to improve cash flow.
The oil explorer and power supplier's shares were up 4.6 percent at 0607 GMT, trimming their year-to-date decline to 24.5 percent.
Abu Dhabi's stock index slipped 0.02 percent to 4,987 points, but is up 16.2 percent in 2014.
TAQA made a net profit of AED239 million ($65.1 million) for the quarter ended June 30 compared with a loss of AED172 million a year earlier.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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