November 9, 2017 / 7:21 AM / 2 years ago

UAE's TAQA posts Q3 loss after 2 quarters of profit

ABU DHABI, Nov 9 (Reuters) - Abu Dhabi National Energy Company (TAQA) reported on Thursday a narrower loss in the third quarter from a year earlier, after posting small profits in the first two quarters of this year.

The state-owned oil explorer and power supplier made a loss attributable to shareholders of 194 million dirhams ($52.8 million) in the three months ended Sept. 30, it said in a statement to the stock exchange.

That compared with a 524 million dirhams net loss attributable to equity holders during the same period a year ago.

TAQA said third-quarter income was impacted by one-off losses related to the Sohar Aluminium smelter in Oman and the Red Oak Power plant in New Jersey, in the United States.

The firm reported a net profit of 77 million dirhams in the first quarter and a 35 million dirhams net profit in the second quarter.

Revenues in the third quarter totaled 4.18 billion dirhams, compared with 4.20 billion dirhams a year ago.

In October, TAQA said it retired a $500 million bond at maturity, funding it from a drawdown under its existing revolving credit facility which carries a lower interest rate.

$1 =3.6724 UAE dirham Reporting By Stanley Carvalho; Editing by Biju Dwarakanath

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