Abu Dhabi-Mubasher: Abu Dhabi National Energy (TAQA) saw a 39.7% rise in its second-quarter losses, according to a bourse filing.
Losses reached AED 588 million ($160.05 million) in Q2-16, compared to AED 421 million ($114.59 million) in Q2-15.
“Net profit was also negatively impacted by the absence of the one-off AED 555 million UK tax credit booked in H1-15,” the statement noted.
Oil prices dropped from $115 per barrel (pb) in June 2014 to reach $30 pb last January before rising to the current level of $40 pb.
In H1-16, losses increased by 627.3% to reach AED 1.2 billion from AED 165 million in H1-15.
TAQA’s stock fell 1.8% to AED 0.55 in early trades after generating AED 22,000 from the exchange of 40,000 shares.
