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FINANCIAL NEWS
Abu Dhabi’s TAQA reports USD47m loss in Q2
01 Aug 2013
(MENAFN) Abu Dhabi National Energy Co (TAQA) reported a quarterly loss, hurt by derivatives and hedging exposures and a slump in income from its oil and gas business, Reuters reported.
The company said it incurred USD46.83 million net loss during the second quarter of 2013, versus USD11.98 million profit a year earlier.
TAQA also reported USD571.6 million revenue in the April-June period, down from USD707.7 million a year ago.
The company, 75 percent owned by the government of Abu Dhabi, said it lost USD31 million because of changes in fair value of derivatives and hedges in the quarter. This compares to a gain of USD21.77 million in the second quarter of 2012.
Total oil and gas revenues declined by 18 percent in the first half of the year to USD1.31 billion for the first half 2013, due to lower production in the UK North Sea and softer pricing in Europe for oil.
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