UAE power agency TAQA posts wider Q3 loss on oil worth droop


Agency has reported losses within the previous 5 quarters

Loss comes regardless of a heavy value-chopping programme in 2015

Complete income fell to AED4.2bn from AED4.83bn in similar interval final yr

Abu Dhabi Nationwide Power Co (TAQA), the state-owned oil explorer and energy provider, reported on Wednesday a wider loss for the third quarter brought on by the drop in oil costs.

TAQA, majority-owned by Abu Dhabi’s authorities, made a internet loss attributable to fairness holders of AED524 million ($143m) within the three months ended September 30, in response to a bourse submitting.

This compares with a internet lack of AED416m within the earlier-yr interval.

Oil woes persist

Like most international oil companies, TAQA has struggled in current quarters towards a backdrop of decrease oil costs, reporting losses within the previous 5 quarters.

This comes regardless of a heavy value-slicing programme instigated by the corporate. It stated in August it had made greater than AED6.5 billion of money value and capital expenditure financial savings beneath a change programme that was launched in 2015.

Revenues from oil and fuel amounted to AED1.18bn within the three months that ended on September 30, in contrast with roughly AED1.49bn in the identical interval a yr earlier.

Complete income fell to AED4.2bn, from AED4.83bn within the corresponding interval of final yr.

Oil and fuel manufacturing fell by 1.9 per cent yr-on-yr to 142,200 barrels of oil equal per day in the course of the first 9 months of 2016, which the corporate attributed to the results of capital expenditure reductions and the shut-in of the non-operated Brae Alpha platform within the first quarter.

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Supply: Press Launch