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FINANCIAL NEWS
UAE’s Taqa registers USD44.9b loss in H1
15 Aug 2015
(MENAFN) Because of oil prices plunging amid a weak demand and oversupply, the government-owned Abu Dhabi National Energy Company, Taqa, filed a loss of USD44.9 million in the first half of this year.
The company said that its total revenues dropped by 29 percent to USD2.66 billion, therefore reducing its capital expenditure by USD285 million during the first six months.
Company said it has reduced its oil and gas headcount by 22 percent since July-2014 and by 32 percent, while maintaining its commitment to increasing Emiratization rates.
‘While the current commodity price environment has impacted the whole industry, our results show that we are delivering on our accelerated cost transformation program,’ said Taqa’s CEO.
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