Abu Dhabi’s Taqa reports Dh416 million loss as weak oil price hits revenues | The National

Abu Dhabi’s Taqa reports Dh416 million loss as weak oil price hits revenues | The National:

"Abu Dhabi National Energy Company (Taqa) posted a net loss in the third-quarter as revenues were hit by weak oil prices, the state-owned oil explorer and power supplier said on Wednesday.

Taqa, 75 per cent owned by the government of Abu Dhabi, reported a net loss of Dh416 million for the quarter ending September 30, compared with a net profit of Dh107m in the prior-year period, the company said.

Revenue from oil and gas more than halved to Dh1.5 billion in the third quarter from a year earlier. This dragged the firm’s total revenue in the quarter to Dh4.8bn from Dh7.0bn in the same quarter last year."



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