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Thursday, 30 March 2017

Impairments drag Taqa’s losses down to Dh19b in 2016 | GulfNews.com

Impairments drag Taqa’s losses down to Dh19b in 2016 | GulfNews.com:

"Abu Dhabi National Energy Company (Taqa) reported on Thursday a net loss of Dh19 billion for 2016, primarily on the back of Dh16.9 billion in post-tax impairment charges related to the company’s oil and gas assets.
In a statement to the Abu Dhabi bourse, Taqa said the impairment to assets was in response to the lower commodity price environment. It added that the impairment “is a one-time non-cash charge, and has no impact on Taqa’s ability to meet its obligations.”
The loss in 2016 compares to Dh1.8 billion in losses in 2015."



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