TAQA today reported a loss of $52.8million (194 million dirhams) for the third quarter of the year. It comes after two consecutive profit turning quarters.
The state-owned oil explorer and power supplier made a loss attributable to shareholders of $52.8mn in the three months ended Sept. 30; however the figure was an improvement on last year’s loss of 524 million dirhams for the same period last year.
TAQA attributed the loss to one-off charges in relation to the Sohar Aluminium smelter in Oman and the Red Oak Power plant in New Jersey, in the United States.
The firm reported a net profit of 77 million dirhams in the first quarter and a 35 million dirhams net profit in the second quarter.