TAQA’s profit is down 89% in Q1 against last year - 14 May 2009 - Arabinform.org

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Main » 2009 » May » 14 » TAQA’s profit is down 89% in Q1 against last year

TAQA’s profit is down 89% in Q1 against last year	2:54 AM
The National Energy Company of Abu Dhabi (TAQA) made public its profits for the first quarter of this year. It announced an 89% fall from the first quarter of last year – AED40m versus last year’s AED398m. According to TAQA, such decline in profits was due to much lower oil and gas prices and worse currency exchange rates. The chief executive of the company, 75% of which belongs to the government, called the first three months of this year "the most challenging to date" for TAQA as well as for the world economy. However, he said that this was also a direct outcome of the company’s diversification strategy. He also assured that the company remains well funded and can deal with current obligations and ensure growth in the future. As for March 31, TAQA'a total assets stood at AED87bn, reports Arabian Business.
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