ABU DHABI - Abu Dhabi National Energy Company (TAQA) on Thursday reported a nearly 95 percent drop in first quarter profit, hit by foreign exchange losses and revaluation of U.S power assets.
The state-owned oil explorer and power producer made a net profit attributable to shareholders of 6 million dirhams ($1.63 million) for the period ending March 31, 2019, it said in a bourse filing. That compared with 110 million dirhams in the prior-year period. Foreign exchange losses totaled 65 million dirhams in the quarter versus 3 million dirhams in first quarter 2018.
TAQA’s administrative and other expenses doubled to 157 million dirhams in the quarter from a year earlier. "The bottom line was impacted by uncontrollable items, namely foreign exchange losses and adverse movements on mark-to-market revaluations within its US-based power asset," TAQA said in a statement.
Revenues in the quarter were 4.33 billion dirhams versus 4.34 billion dirhams in first quarter 2018.
TAQA's oil and gas production in the quarter increased slightly to 126.7 million barrels of oil equivalent per day compared to the year-ago period.
The company's total debt was reduced by 907 million dirhams in the quarter.
(Reporting By Stanley Carvalho; Editing by Saeed Azhar) ((email@example.com; + 9712 6444431; Reuters Messaging: firstname.lastname@example.org))