Abu Dhabi: Abu Dhabi National Energy Company, known as Taqa, reported Dh292 million in losses for the third quarter of this year, as losses grew 45 per cent compared to the Dh201 million in losses in the same period last year.
The figure brings losses in the first nine months of 2016 to Dh1.14 billion, a significant jump from the Dh52 million in losses recorded in the first nine months of 2015.
The company’s revenues also dropped, reaching Dh4.19 billion in the third quarter of this year – a 13 per cent decline. Meanwhile, revenues for the first nine months of the year were Dh12 billion, marking a 17 per cent drop from the Dh14.7 billion recorded in the same period last year.
In its analysis report, Taqa attributed the decrease in earnings mainly to a 31 per cent reduction in realized oil and gas prices, and the absence of the one-off Dh555 million UK tax credit booked in the first half of 2015.
“Taqa launched a cost transformation programme in 2014 in response to lower commodity prices. The programme has so far generated cash cost savings in excess of Dh2.2 billion. Cash cost savings during the nine month period reached Dh613 million compared to the same period a year ago,” the analysis report said.
Taqa also said it reduced its capital expenditure by 70 per cent year-on-year to Dh742 million in the first nine months of 2016.
