November 8, 2018 / 7:04 AM / 10 days ago

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

ABU DHABI, Nov 8 (Reuters) - 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.

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)

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