Abu Dhabi’s TAQA swings to AED 581 mln loss in nine-months 2015

Abu Dhabi National Energy Company (TAQA), which is 75 percent state-owned, reported a net loss of AED 581 million during the first nine months of 2015, compared to a net profit of AED 620 million in the same period last year; a sharp drop it attributed to a “significant impact” from lower oil prices.

Revenues during the period reached AED 14.7 billion, compared to AED 20.7 billion in 2014. Earnings before interest, tax, depreciation and amortization (EBITDA) fell to AED 7.5 billion from AED 11.4 billion in the first nine months of last year.

However, TAQA managed to save AED 1.1 billion by slashing its spending by 43 percent between January and September. The energy holding company also cut its global oil and gas headcount by 25 percent and reduced its Abu Dhabi headcount by 39 percent since July 2014.

The Abu Dhabi-listed firm swung to a net loss of AED 416 million in Q3-2015, compared to a net profit of AED 107 million in Q3-2014.