Abu Dhabi National Energy Co., the state-run utility known as Taqa, said third-quarter profit more than doubled because of higher oil prices and a one-off gain, as the company presses ahead with expansion plans.
Net income advanced to 218 million dirhams ($59.4 million) from 90 million dirhams a year earlier, Taqa said today in a statement. Revenue rose to 5.2 billion dirhams from 3.9 billion a year earlier.
“The year-on-year increase in net income resulted primarily from increased commodity prices, share of income from the Sohar aluminum plant and liquidated damages received for Fujairah 2, partly offset by increased income tax,” the company said in the statement. “The power business continued to provide stable revenue and net income.”
No comments:
Post a Comment