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Thursday, 11 May 2017

UPDATE 1-UAE's TAQA swings to Q1 profit on higher commodity prices | Reuters

UPDATE 1-UAE's TAQA swings to Q1 profit on higher commodity prices | Reuters:

"Abu Dhabi National Energy Co (TAQA), which got a financial lifeline from its top shareholder last month, swung to its first profit in two years due to higher commodity prices, driving its shares up on Thursday.

Shares of the loss-making, state-controlled oil explorer and power supplier jumped 12 5 percent by noon on the Abu Dhabi Securities Market (ADX).

Last month the Abu Dhabi Water & Electricity Authority (Adwea) raised its stake in the firm to 74 percent from 52.38 percent after granting TAQA land valued at 18.7 billion dirhams that could potentially offset accumulated losses. ."



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