Taqa makes progress on cost cuts and debt reduction as full year pre-tax losses rise | The National

Taqa makes progress on cost cuts and debt reduction as full year pre-tax losses rise | The National:

"Abu Dhabi National Energy Company (Taqa) made progress to lighten its heavy debt load last year, though it posted a 29 per cent drop in annual revenue and a pre-tax loss widened by more than 40 per cent to Dh2.4 billion last year.

The company, which is majority owned by Abu Dhabi’s water and electricity utility and other government entities, also has managed to keep from reporting much higher losses by putting a deal in place to sell assets in North America, Europe and the Kurdish region of Iraq, at prices above current market value.

Taqa on Thursday reported that revenues fell to Dh19.3bn last year from Dh27.3bn the year before, with oil and gas revenues nearly halved at Dh6.29bn, while electricity and water was down Dh700,000 at Dh9.68bn."



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