FINANCIAL NEWS

Taqa posts $78m profit in Q1

12 May 2010

(MENAFN) Abu Dhabi National Energy Company, also known as Taqa, said that its quarterly profit soared to $78.1 million, marking a 618 percent increase over the $10.9 million profit posted in the same period last year.

The firm said in a press statement that it has benefited from a rise in commodity prices, which resulted in a 38 percent year-on-year increase in upstream and midstream revenues during the quarter, which stood at $694.25as against $502.3 in the first quarter of 2009.

Taqa said that total quarterly revenues were up 14 percent compared to the year-earlier corresponding quarter.

General Manager of Taqa, Carl Sheldon, said that this strong performance was supported by stable revenues in the power and water business. Combined with flat cost of sales, all factors resulted in a significant rise in net profit after minority interests.

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