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FINANCIAL NEWS
Abu Dhabi-Taqa posts USD21mn loss in Q1 revenue
12 May 2017
(MENAFN) Abu Dhabi National Energy Co. (Taqa) posted USD21mn loss in its first quarter revenue compared to a net loss of USD165mn for the same period of 2016.
Accordingly, the firm whole revenues for the period surged to Dh4.1bn, up 6 percent over Dh3.9bn the previous year driven by the impact of higher realized oil and gas prices.
Additionally, Taqa’s whole liquidity remains strong at Dh12.8bn, involving Dh3.7bn in cash and cash equivalents and Dh9.1bn of undrawn credit facilities.
UAE ops produced 12.336 GWH of elect and 57.216mn imperial gallons of desalinated water, stable compared to Q1 of last year.
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MENAFN1205201700450000ID1095471052
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