Abu Dhabi National Energy Company, known as TAQA, said full year 2012 profit declined about 14 percent because of lower gas prices in the US and a one-off tax charge.
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The state-controlled power and oil company said full-year net profit declined to AED640m (US$174m) last year from AED744m in 2011.
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The decrease in net profit was a result of "a one-off tax charge restricting tax relief on decommission expenditures, lower North American gas prices, lower margin on back up fuel at the domestic subsidiaries, lower income from Sohar due to lower aluminium prices and higher finance costs from new bond issues against repayment of maturing bonds,'' the company said in a regulatory filing to the Abu Dhabi Securities Exchange.
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Read more: http://www.arabianbusiness.com/uae-s-taqa-reports-14-fall-in-2012-net-profit-488440.html
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