Abu Dhabi’s Taqa reports Q1 profit fall on low oil prices | The National

Abu Dhabi’s Taqa reports Q1 profit fall on low oil prices | The National:



"Abu Dhabi National Energy Company, otherwise known as Taqa, the state-owned oil explorer and power supplier, said on Wednesday that first-quarter net profit dropped 6.6 per cent from a year earlier to Dh256 million because of low oil prices.



Total revenues tumbled 29 per cent to Dh5.13 billion because of the plunge of oil prices since last June.



The company received a Dh553m tax credit during the quarter from a one-off tax rate change for its operations in Britain’s North Sea, which prevented it from posting a loss for the quarter."



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