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UAE’s TAQA posts 2014 loss, won’t pay dividend

TAQA reported a net loss of $820 million for 2014

Published: Updated:

Abu Dhabi National Energy Co (TAQA), the state-owned oil explorer and power supplier, on Wednesday posted big losses for the fourth quarter and full-year 2014, blaming the plunge in oil prices.

TAQA, 75 percent owned by the government of Abu Dhabi, reported a net loss of 3.01 billion dirhams ($820 million) for 2014 compared with a loss of 2.52 billion dirhams in 2013, the company said in a statement.

It did not post a fourth-quarter figure but, based on its previous reports, the quarterly loss was 3.63 billion dirhams, Reuters calculated. The company lost 2.60 billion dirhams in the fourth quarter of 2013.

TAQA said it had booked a non-cash impairment of 3.3 billion dirhams which “reflected the rapid reduction in oil and gas prices in the second half of 2014.”

The firm said it would pay no dividends for 2014 and would cut its 2015 capital expenditure budget by 2.5 billion dirhams, making it 39 percent lower than the 2014 budget.

($1 = 3.6728 UAE dirham)