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MENAFN - 14/08/2012

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(MENAFN) Abu Dhabi National Energy Company's (TAQA) CEO, Carl Sheldon, stated that net profit rose around 2.8 percent in the second quarter from last year's same period to USD121.7 million, reported Arabian Business.

Sheldon said that the firm, of which 75 percent is owned by the government of Abu Dhabi, saw its revenues fall 14.5 percent, reaching USD1.64 billion.

The CEO attributed the drop in revenues to weak North American gas prices, with Henry Hub prices reaching their lowest levels in 10 years in February 2012.

During the quarter, the power and oil producer's oil and gas revenue went down 4.8 percent to USD811 million, compared with USD846 million in 2011's second quarter.

It is worth noting that TAQA posted a net profit of USD118.42 million in the second quarter a year ago, whereas revenues during the period reached USD1.92 billion.

 






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