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FINANCIAL NEWS
Abu Dhabi’s Taqa reports USD145.5m profit in Q1
10 May 2012
(MENAFN) State-owned Abu Dhabi National Energy Company (Taqa) reported a big jump in its quarterly profits, driven by a gain on sale of some of its non-core Canadian assets, Reuters reported.
The oil explorer and power supplier company said it made USD145.5 million in the first quarter, more than triple its USD41.4 million gain a year earlier. Revenue rose 5 percent to USD1.55 billion.
Taqa said it gave up certain non-core assets in Canada during the first quarter, which returned USD102.8 million.
The company added that the quarterly results involve one-off gain of USD25 million from a change in fair value of its Otter field acquisition in the North Sea.
Taqa, which is 75 percent owned by the government of Abu Dhabi, plans to move ahead with its delayed gas storage project in the Netherlands in July following approval from the Dutch government.
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