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Taqa posts Q3 loss
- United Arab Emirates: Sunday, November 18 - 2012 at 01:45
Abu Dhabi National Energy Co (Taqa) has posted a 43% jump in third-quarter revenue to Dhs8.83bn from Dhs6.2bn a year ago, Reuters has reported. Oil and gas revenue fell to Dhs2.56bn from Dhs2.74bn, while fuel revenue dropped to Dh952m from Dhs1.15bn, Taqa said. The company swung to a third-quarter net loss of Dhs288m, compared with a profit of Dhs537m a year earlier, largely due to Dhs2.73bn in construction costs related to the Jorf Lasfar power plant in Morocco and a Dhs272m charge to account for tax increases in the UK. "Our financial performance over the past quarter has been impacted by a series of one-off items — both cash and non-cash," chief financial officer Stephen Kersley said.
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