Middle East Economic Survey
VOL. LII
No 46
16-Nov-2009
UAE
TAQAs Net Profit Slumps By 88%In 3Q09
The Abu Dhabi National Energy Company (TAQA) reported on 11 November financial results for the third quarter and the first nine months of 2009. Net profit in 3Q09 slumped 88% to Dh90mn ($24.5mn) from Dh723mn ($196.8mn) in the same quarter of 2008. The decline was partly due to lower oil prices and increased cost of sales.
Total revenue in 3Q09 fell to Dh3.9bn ($1.06bn) from Dh4.5bn ($1.23bn) in the...
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