Shares in Abu Dhabi's TAQA jump after firm swings to Q2 profit

Oil explorer announced it was pulling out of some overseas acquisition plans to improve cash flow
Shares in Abu Dhabi's TAQA jump after firm swings to Q2 profit
By Reuters
Wed 13 Aug 2014 12:00 PM

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.

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