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Thu 10 May 2012 10:58 AM

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UAE's Taqa Q1 net soars on assets sale

State-owned Abu Dhabi utility made a profit of US$145.5m for the quarter

UAE's Taqa Q1 net soars on assets sale
(Image for illustrative purposes only)

Abu Dhabi National Energy Company, a state-owned oil explorer and power supplier, on Thursday said first-quarter net profit more than tripled, helped by a gain on sale of some of its non-core Canadian assets.

The state-owned utility made a profit of AED534m (US$145.5m) for the quarter, compared with AED152m in the year-ago period, it said in a statement to the Abu Dhabi bourse.

TAQA, which is 75-percent owned by the government of Abu Dhabi, disposed of certain non-core assets in Canada during the first-quarter, making a gain of AED378m, it said.

The quarterly results also included a one-off gain of AED92m from a change in fair value of its Otter field acquisition in the UK North Sea, the statement said.

Revenue for the quarter rose five percent to AED5.7bn.

In May, TAQA said it plans to start work on its delayed gas storage project in the Netherlands in July following approval from the Dutch government.

TAQA, which owns assets in Canada and Europe, also sold a MYR650m (US$215m) denominated Islamic bond or sukuk in February, as part of plans to diversify its funding sources.

Shares in TAQA were up 4.2 percent on the Abu Dhabi bourse at 0640 GMT.

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