TAQA profit hit by charge, UK taxes

Abu Dhabi National Energy Company, which owns assets in Canada and Europe, reported a 26-percent drop in yearly profits on Tuesday due to a one-time charge and UK taxes on oil and gas producers. TAQA, which is 75-percent owned by the government of Abu Dhabi, said 2011 net profit was 752 million dirhams ($204.74 million), down from 1.02 billion dirhams in 2010. It did not provide quarterly figures. The firm said it booked a one-time impairment charge of 528 million dirhams at its TAQA North unit. In December, TAQA North said it reached an agreement to sell some of its Canadian oil and gas assets for an undisclosed amount. In addition, TAQA said on Tuesday that its income tax expense for the United Kingdom was 1.59 billion dirhams more last year than in 2010. For the fourth quarter, TAQA had a loss of 372 million dirhams, according to Reuters calculations based on previous financial statements and profit attributable to equity holders. TAQA said total assets declined 1 percent to 114.84 billion dirhams versus 116.05 billion dirhams in 2010. "The decline in total assets and net profit was partially due to a one-off impairment charge at TAQA North, following the annual revaluation of TAQA's portfolio," the company said in a statement. Revenues were up 14 percent at 24.4 billion dirhams in 2011. Abu Dhabi-listed TAQA, which invests in oil and gas overseas, also runs power plants in Morocco, Saudi Arabia, Ghana, India and the U.S and plans to start oil and gas operations in north Africa. TAQA is a major shareholder in the Netherland's Bergermeer field, Europe's biggest gas storage facility with capacity of 4.1 billion cubic meters, and is also involved in an offshore gas production project in the Dutch North Sea.