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TAQA shares plummet in annual net loss

: Tuesday, March 25 - 2014 @ 19:10

The Abu Dhabi Securities Exchange General Index (ADXGI) advanced 0.29 per cent to 4,816.71 points on Tuesday, March 25. Market bellwether Etisalat gained slightly, closing at AED11.95. Abu Dhabi National Energy Company (TAQA) dived by ten per cent to AED1.26. Earlier in the day, TAQA revealed that it suffered a net loss of AED2.390 billion ($651m) in 2013, down from a net profit AED106m ($28.90m). The financials revealed higher financing costs, a negative net mark to market movement in the fair value of TAQA North and higher corporate admin and other expenses, amid lower corporate earnings.

Gérard Al-Fil

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Tuesday, March 25- 2014 @ 19:10 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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