UAE’s TAQA posts Q3 loss after two quarters of profit
Abu Dhabi National Energy Company (TAQA) reported on Thursday a narrower loss in the third quarter from a year earlier, after small profits in the previous two quarters.
The state-owned oil explorer and power supplier made a loss attributable to shareholders of 194 million dirhams ($52.8 million) in the three months ended Sept. 30, it said in a statement to the stock exchange.
That compared with a 524 million dirhams net loss during the same period a year ago.
TAQA said third-quarter income was affected by one-off losses related to the Sohar Aluminium smelter in Oman and the Red Oak Power plant in New Jersey, in the United States.
The firm reported a net profit of 77 million dirhams in the first quarter and 35 million dirhams in the second quarter.
TAQA’s capital expenditure in the first nine months of 2017 was 909 million dirhams, up 25 percent over the same period last year, Mohammed al Ahbabi, acting chief financial officer said on an analysts call.
“The full year target is 1.5 billion dirhams” he added.
The company’s total debt stood at 69.58 billion dirhams as of Sept. 30, after it was reduced by 2.6 billion dirhams in the first nine months this year, he said.
Revenues in the third quarter totaled 4.18 billion dirhams, compared with 4.20 billion dirhams a year ago.
In October, TAQA said it had paid off a $500 million bond at maturity, funding it from a drawdown under its existing revolving credit facility which carries a lower interest rate.
($1 =3.6724 UAE dirham)
(Reporting by Stanley Carvalho; Editing by Biju Dwarakanath and Mark Potter)
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