12.14 AM Friday, 29 March 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:57 06:11 12:27 15:53 18:37 19:51
29 March 2024

Taqa posts 2014 loss, won't pay dividend

Taqa said on Wednesday that first-quarter 2015 net profit dropped 6.6 per cent from a year earlier to Dh256 million. (Supplied)

Published
By Reuters

Abu Dhabi National Energy Co (Taqa), the state-owned oil explorer and power supplier, on Wednesday posted big losses for the fourth quarter and full-year 2014, blaming the plunge in oil prices.

Taqa, 75 percent owned by the government of Abu Dhabi, reported a net loss of Dh3.01 billion ($820 million) for 2014 compared with a loss of Dh2.52 billion in 2013, the company said in a statement.

It did not post a fourth-quarter figure but, based on its previous reports, the quarterly loss was Dh3.63 billion, Reuters calculated. The company lost Dh2.60 billion in the fourth quarter of 2013.

Taqa said it had booked a non-cash impairment of Dh3.3 billion which ‘reflected the rapid reduction in oil and gas prices in the second half of 2014.’.

The firm said it would pay no dividends for 2014 and would cut its 2015 capital expenditure budget by Dh2.5 billion, making it 39 per cent lower than the 2014 budget.