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Taqa Q4 loss narrows to $332m

ABU DHABI, March 31, 2016

Abu Dhabi National Energy Co (Taqa), the state-controlled oil explorer and power supplier, reported on Thursday a narrower fourth-quarter loss according to Reuters calculations as it continued to be weighed by the impact of lower hydrocarbon prices.

Taqa, 75 per cent-owned by the government of Abu Dhabi, made a loss of Dh1.22 billion ($332.2 million) in the three months to Dec. 31, versus a net loss of Dh3.63 billion in the same period of 2014, Reuters calculated using Taqa's annual financial statements in lieu of a quarterly earnings breakdown.

The company posted a net loss of Dh1.8 billion for 2015 compared to a net loss of Dh3.01 billion in 2014, the company said in a statement.

It posted a total comprehensive net loss of Dh1.78 billion, down from Dh3.76 billion in the previous year, the statement added.

Taqa would not pay a dividend for 2015, according to a separate filing, the third successive year in which the company has not paid anything according to Thomson Reuters data. – Reuters




Tags: abu dhabi | Taqa | Q4 loss |

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