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FINANCIAL NEWS
Taqa’s gross loss hits USD165.5m in Q1
11 May 2016
(MENAFN) Abu Dhabi National Energy Company (Taqa) registered a gross loss of USD165.5 million in the first three months, as opposed to a profit of USD69.6 million in last year’s same period.
The company has revealed in a statement that the incomes are down to USD1.06 billion in the cited timeframe this year compared to USD1.38 billion throughout the first quarter last year.
Moreover, the Abu Dhabi based giant reduced capital expenditure by an overall USD190.8 million, plus its oil and gas production holds steady at 153,700 barrels of oil equivalent per day.
Our cost transformation program continued to deliver outstanding results in the first quarter with savings of Dh1 billion while delivering one of our best operational performances,” said the firm’s CEO.
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