Tuesday, Feb 14, 2012
--Swings to 4Q loss on impairment charge, additional UK taxes
--Full year profit declines 26%
--Impairment charge related to revaluation of company's Taqa North operations
(Adds detail, analyst estimates.)
By Asa Fitch
Of ZAWYA DOW JONES
DUBAI (Zawya Dow Jones)--Abu Dhabi National Energy Co., better known as Taqa, swung to net loss in the fourth-quarter as a one-off impairment charge and a big U.K. tax bill weighed on its earnings.
According to Zawya Dow Jones calculations, Taqa made a loss of 368 million U.A.E. dirhams ($100.3 million) in the three months ended Dec. 31. It made a profit of AED343 million in the year ago period, according to Zawya.com data.
The company said in an emailed statement that net profit for all of 2011 amounted to AED752 million ($204 million), down 26% from 2010.
Taqa said the Taqa North impairment charge amounted to AED528 million and was made following an annual revaluation of the company's portfolio. Taqa North is the company's Canadian oil and gas exploration and production arm.
"In addition, profits were affected by additional taxes on UK oil and gas producing companies which came into effect on 24 March 2011. Income tax expense for the UK was AED1,588 million higher in 2011, compared with 2010," Taqa said.
Taqa shares closed trading Tuesday flat at AED1.26.
-By Asa Fitch, Dow Jones Newswires, +971 4 446-1685, asa.fitch@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
14-02-12 1344GMT
