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Taqa posts 80% drop in Q1 net profit
- United Arab Emirates: Sunday, May 12 - 2013 at 07:26
Abu Dhabi National Energy Co (Taqa), 75%-owned by the government of Abu Dhabi, has said its first-quarter net profit dropped 80% year-on-year, partly due to an outage at one of its facilities, Reuters has reported. Taqa's net profit fell to Dhs106m ($28.9m) for the first quarter from Dhs534m a year ago because of a shut-in of the Cormorant Alpha platform in the North Sea, weaker North American oil and liquids prices, and the fact that a special gain was made in the first quarter of 2012, the firm said. Revenues were Dhs5.4bn in the quarter, 6% lower year-on-year, it added.
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