UAE’s TAQA records USD820m net loss in 2014

01 Apr 2015

(MENAFN) Abu Dhabi National Energy Co (TAQA) registered USD820 million losses for 2014, against a similar USD685.94 million in 2014 due to falling oil prices, Arabian Business reported.

The 75-percent-government-owned firm did not disclose the actual figures of the fourth quarter but according to Reuters’ calculations the loss would logically reach USD988.08 million.

Hence, the company decided not to pay any dividend for 2014 and to reduce its 2015 capital expenditure by USD680.5 million, marking a 39 percent decrease from the budget of 2014.

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