Taqa profits fall on North Sea tax charge

Taqa chief executive Carl Sheldon

Taqa

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Danica Newnham

 06 February 2013 08:22 GMT

Abu Dhabi-based operator Taqa said the 14% drop in its net profits for the 2012 full-year were partially the result of a one-off tax charge and lower North American gas prices.

The UAE-controlled oil producer and utility company said on Wednesday the one-off charge related to the restriction of tax relief on decommissioning expenditures in the UK North Sea.

Other factors contributing to this fall in profits included a lower margin on back-up fuel at the company’s UAE power stations, lower aluminium prices and higher finance costs from new bond issues against the repayment of maturing bonds.

However, the divestment of non-core assets totalling $600 million in Canada and lower impairment charges in North America were said to have partly offset these declines.

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