Abu Dhabi-Mubasher: Abu Dhabi National Energy (TAQA) logged losses of AED 608 million ($165.56 million) in the first quarter of 2016, according to a bourse statement.
It achieved against gains of AED 256 million ($69.71million) in Q1-15.
Revenues went down 24% to AED 3.9 million ($1.06 million) in Q1-16, compared to AED 5.1 million ($1.39 million) in Q1-15.
The revenues fall is mainly attributed to a 43% decline in the cost of sale of oil and gas.
Finance costs rose to AED 1.15 million ($313,082) in Q1-16, compared to AED 1.13 million ($307,637) in Q1-15.
The company saw foreign-exchange losses of AED 19 million ($5.17 million) in Q1-16, versus foreign-exchange gains of AED 95 million ($25.86 million) in Q1-15.
TAQA's stock declined 7.02% to AED 0.53 after 21,200 shares were transacted for AED 21,200.
