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FINANCIAL NEWS
Lower US gas prices, tax charge cut UAE’s TAQA profits in 2012
06 Feb 2013
(MENAFN) Abu Dhabi National Energy Company (TAQA) reported a 14 percent drop in 2012 profits, hit by lower US gas prices and a one-off tax charge, Arabian Business reported.
The company said it made USD174 million net profit last year, down from USD202.51 million in the previous year.
The company attributed the weaker results to a one-off tax charge restricting tax relief on decommission expenditures.
Other factors impacting TAQA’s earnings included lower North American gas prices, lower margin on back up fuel at the domestic subsidiaries, lower income from Sohar on weaker aluminum prices and higher finance costs.
The company, 75 percent owned by the government of Abu Dhabi, also reported 6.7 percent increase in total assets to USD33.32 billion from USD31.22 billion in 2011.
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