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|08 November, 2018

UAE's TAQA rebounds to profit in Q3, fueled by higher oil prices

The state-owned oil explorer and power supplier made a profit attributable to equity holders of $42mln in the three months ended Sept. 30

Image of Taqa Morocco used for illustrative purpose.

Image of Taqa Morocco used for illustrative purpose.

Abu Dhabi National Energy Company (TAQA)

ABU DHABI- Abu Dhabi National Energy Co (TAQA) on Thursday reported a third-quarter profit, recovering from a loss a year earlier, as higher oil prices boosted its revenue.

The state-owned oil explorer and power supplier made a profit attributable to equity holders of 153 million dirhams ($42 million) in the three months ended Sept. 30, it said in a bourse statement.

That compared with a 194 million dirhams loss in the same period last year.

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Third-quarter revenue from oil and gas was 1.6 billion dirhams compared to 1.2 billion dirhams in the prior-year period.

The company's total debt of 70.2 billion dirhams as at December 2017 was reduced by 3.7 billion dirhams over the nine-month period this year, the statement said.

(Reporting By Stanley Carvalho; Editing by Amrutha Gayathri)