Abu Dhabi National Energy Company, which owns assets in Canada and Europe, reported a 26-percent drop in yearly profits on Tuesday due to a one-time charge and UK taxes on oil and gas producers.
TAQA, which is 75-percent owned by the government of Abu Dhabi, said 2011 net profit was 752 million dirhams ($204.74 million), down from 1.02 billion dirhams in 2010. It did not provide quarterly figures.
The firm said it booked a one-time impairment charge of 528 million dirhams at its Taqa North unit. In December, Taqa North said it reached an agreement to sell some of its Canadian oil and gas assets for an undisclosed amount.
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