Taqa earnings jump sixfold to Dh397m

Abu Dhabi: Abu Dhabi National Energy Co (Taqa) said first quarter profit jumped more than sixfold, boosted by acquisitions such as its C$5 billion ($4.94 billion) purchase of a Canadian firm.

The utility and petro-leum producer last year struck acquisition deals worth $11 billion around the world.

That included the purchase of Canada's Prime-West Energy Trust, a mid-sized oil and gas producer, which it completed during the first quarter.

Taqa said it earned Dh397 million, or Dh0.10 a share, in the three months ended March 31, up from Dh64 million, or Dh0.015 a share, a year earlier.

"The increase reflects the positive impact of the acquisitions," Taqa said, noting that PrimeWest contributed about Dh210 million to group profit.

Taqa is 75 per cent owned by the Abu Dhabi Govern-ment.