Abu Dhabi National Energy Co (TAQA), the state-owned oil explorer and power supplier, reported a 27 per cent decrease in third-quarter net profit on Wednesday, citing a higher effective tax rate.
TAQA, 75 per cent owned by the government of Abu Dhabi, reported a net profit of Dhs107 million ($29.1 million) in the three months to September 30, down from Dhs146 million in the same period of 2013.
The firm said its pretax profit in the quarter was Dhs622 million, up from Dhs591 million a year earlier, but its effective tax rate rose to 49 per cent from 39 per cent.
Revenue for the latest quarter was Dhs6.93 billion versus Dhs7.34 billion in the corresponding period last year. (1 US dollar = 3.6730 United Arab Emirates dirham)