Oil prices drop imposes its conditions
The government-controlled utility TAQA reported a wider loss in Q2 2016 as lower oil and natural gas prices crimped revenue. The net loss was AED588m in the three months ended June 30, 2016 compared with AED421m in the same period a year earlier. Q2 Sales fell by 14% to AED4bn. Revenues of the company were down from AED9.8bn in the first half of 2015 to AED7.9bn during the same period this year (19% yoy decrease).
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