Abu Dhabi – Mubasher: Abu Dhabi National Energy (TAQA) posted a 45.3% rise year-on-year in its losses during the third quarter of 2016, according to a bourse filing.
Losses reached AED 292 million ($79.5 million) in Q3-16, compared to AED 201 million ($54.7 million) in Q3-15.
Revenues fell 13% to AED 4.2 billion in Q3-16, compared to AED 4.83 billion in Q3-15.
Lower earnings mainly relates to "the 31% reduction in realised oil and gas prices and the absence of the one-off AED 555 million UK tax credit booked in the first half of 2015," the statement highlighted.
Oil prices fell from $115 per barrel (pb) in June 2014 to $44 pb up to date.
In the first nine months of 2016, losses rose to AED 1.14 billion from AED 52 million in the same period of 2015.
