Abu Dhabi National Energy Company (Taqa), the state-owned oil explorer and power supplier, swung to a net loss in the third-quarter, it said on Wednesday, as revenues were hit by weak oil prices.
Taqa, 75 per cent owned by the Government of Abu Dhabi, reported a net loss of Dh416 million for the quarter ending September 30, compared with a net profit of Dh107m in the prior-year period, the company said in a statement.
“During the first three quarters, we have continued to position Taqa to withstand the current low commodity price environment,” said Edward LaFehr, Taqa’s chief operating officer.
“Consistent with our commitments, we continue to drive cost transformation which has saved Dh1.1 billion and we have reduced capex by 43 per cent in the first nine months. This, combined with our focus on the safety and reliability of our asset base, positions us well to maintain cash-flow and strong financial liquidity in the current oil price environment. We have an exceptional power generation business and we are working hard to transform the oil and gas portfolio such that we can take advantage as prices recover.”
* with Reuters
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