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FINANCIAL NEWS
Abu Dhabi’s Taqa posts $22.6m loss in Q4
15 Feb 2009
(MENAFN) The Abu Dhabi National Energy Co (Taqa) reported a fourth quarter loss of $22.6 million compared to a profit of $63.4 million a year earlier, as lower energy prices and losses on international assets took their toll on the majority government-owned utilities provider, Reuters reported.
The company said lower commodity prices brought its annual profit down to $49 million from $490 million in 2008 when oil peaked at $147 a barrel. Taqa also said it wrote down $62 million against its subsidiary assets Taqa Britani and Taqa North after re-evaluation of reserves.
Since Taqa’s establishment in 2005, the company has accumulated about $2 billion in North Sea assets through three subsidiaries: Taqa Britani, Taqa North and Taqa Energy. The company said it believes the fields could still hold as much as 20 billion barrels of oil equivalent.
On the year, revenues climbed by just $37.3 million to $4.6 billion. In October, the company appointed Carl Sheldon as new CEO, saying it would focus on its downstream business for future growth.
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