Abu Dhabi National Energy Co posted a bigger-than-expected 47 percent drop in first-quarter net profit, hit by increased taxes in the United Kingdom, where it drills for heavy crude in the North Sea.
The state-owned utility made a net profit of 152 million dirhams ($41.38 million) for the quarter, compared with 287 million dirhams for the year-ago period, it said in a statement.
Analysts polled by Reuters forecast an average net profit of 313 million dirhams for the quarter.
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