Taqa Reports 2013 Loss on Impairment of North American Assets - Bloomberg

Taqa Reports 2013 Loss on Impairment of North American Assets - Bloomberg:



"Abu Dhabi National Energy Co. (TAQA), the government-controlled utility known as Taqa, posted a loss last year and won’t pay a dividend after writing down the value of North American assets. The shares slumped.



The net loss after minority interests was 2.52 billion dirhams ($686 million) after a profit of 649 million dirhams a year earlier, the company said in a statement. Sales fell 7 percent to 25.8 billion dirhams. Taqa said it took a 3.25 billion-dirham non-cash impairment mainly linked to reserve revisions and lower anticipated production in North America.



“Underlying revenues and cash flow rose year-on-year, while the net result was affected by a one-off, non-cash accounting entry,” Chief Financial Officer Stephen Kersley said in the statement. “Our strong levels of liquidity enable us to continue to fund operations and service our debt obligations on favorable terms.”"



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