Wednesday 11 November 2009

Taqa’s Third-Quarter Profit Drops 88% on Lower Oil, Gas Income

Abu Dhabi National Energy Co., whose chief executive officer resigned last month, said third-quarter profit dropped 88 percent as income from oil and gas sales fell.

Net income declined to 90 million dirhams ($24.5 million), or 2 fils a share, from 723 million dirhams, or 13 fils, a year earlier, the state-controlled energy producer said today in an e-mailed statement. Sales dropped to 3.9 billion dirhams from 4.5 billion dirhams.

New York oil futures averaged $68.24 a barrel in the third quarter, compared with $118.22 a year earlier, as the global recession eroded energy demand. Crude prices fell after reaching a record $147.27 in July last year.

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