#UAE's TAQA Q1 profit sinks, hit by forex losses, U.S write down - Reuters

UAE's TAQA Q1 profit sinks, hit by forex losses, U.S write down - Reuters:

Abu Dhabi National Energy Company (TAQA) on Thursday reported a nearly 95 percent drop in first quarter profit, hit by foreign exchange losses and revaluation of U.S power assets.

The state-owned oil explorer and power producer made a net profit attributable to shareholders of 6 million dirhams ($1.63 million) for the period ending March 31, 2019, it said in a bourse filing. That compared with 110 million dirhams in the prior-year period. Foreign exchange losses totaled 65 million dirhams in the quarter versus 3 million dirhams in first quarter 2018.

TAQA’s administrative and other expenses doubled to 157 million dirhams in the quarter from a year earlier. “The bottom line was impacted by uncontrollable items, namely foreign exchange losses and adverse movements on mark-to-market revaluations within its US-based power asset,” TAQA said in a statement.