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FINANCIAL NEWS
Taqa reports net profit loss
03 Aug 2013
(MENAFN) Abu Dhabi National Energy Co. (Taqa) posted a net profit loss of USD46.83 million in the second quarter down from USD121. 6 million the same quarter a year ago, reported Emirates 247.
Revenues also went down in the second quarter compared to the same period last year. Revenues fell from USD708 million down to USD571 million.
Because of low production in the UK North Sea and low oil prices in Europe, the company�s revenues from oil and gas went down by 18 percent in the first half of this year.
The government owns 75 percent of the oil company.
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