Abu Dhabi: Abu Dhabi National Energy Company (Taqa) posted a net loss of Dh608 million in the first quarter, compared to a profit of Dh256 million in Q1 2015.
The revenues are down to Dh3.9 billion in the first quarter this year compared to Dh5.1 billion in the first quarter last year, the company said in a statement.
The company, majority owned by Abu Dhabi government, reduced capital expenditure by Dh701 million. Oil and gas production holds steady at 153,700 barrels of oil equivalent per day.
“We continue to execute our strategy to meet the challenges of the low commodity price environment. Our cost transformation programme continued to deliver outstanding results in the first quarter with savings of Dh1 billion while delivering one of our best operational performances in our history,” said Edward LaFehr, Taqa chief operating officer.
“Record power generation volumes and robust oil and gas production coupled with sustainable cost savings have boosted free cash flow by 83 per cent. This is helping us maintain our healthy liquidity position of Dh12.2 billion.”
