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- Dubai 04:33 05:50 12:21 15:48 18:46 20:03
Abu Dhabi National Energy Co. (Taqa), the state-owned oil explorer and power supplier, swung to a loss in the second-quarter weighed down by derivatives and hedging exposures and a slump in income from its oil and gas business.
Taqa, 75 percent owned by the government of Abu Dhabi, reported a net loss of Dh172 million or $46.83 million for the quarter ending June 30, compared with a profit of Dh447 million in the corresponding period in 2012, the company said in a bourse statement.
Revenue for the quarter was Dh2.1 billion, lower than the Dh2.6 billion generated in the prior-year period.
The company posted a loss of Dh114 million due to changes in fair value of derivatives and hedges.
This compares to a gain of Dh80 million in the second quarter of 2012.
Total oil and gas revenues declined by 18 percent in the first half of the year to Dh4.8 billion for the first half 2013, due to lower production in the UK North Sea and softer pricing in Europe for oil.
The state-owned utility has investments in the energy and power sector in the Middle East, India, Africa, the UK and North America.
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