ABU DHABI: Abu Dhabi National Energy Co (TAQA) swung to a net profit in the fourth-quarter, helped mainly by higher commodity prices, beating analyst's expectations.
The state-owned utility's quarterly profit climbed to 261 million dirhams ($71.1 million) in the three months to December 31, compared with a net loss of 84 million dirhams in the year-ago period according to Reuters calculations.
Reuters calculated the quarterly profit based on the company's previous financial statements.
Two analysts polled by Reuters forecast an average net profit of 231.5 million dirhams.[nLDE70COAN].
TAQA's net profit for the full-year was 937 million dirhams, compared with 182 million dirhams in the year-ago period, a company statement said on Wednesday.
"While the economic environment remains somewhat challenging, the more positive commodity pricing environment resulted in a strong final half to the year," Abdulla Saif al Nuaimi, chief executive of TAQA said in the statement.
Revenues for the year were 21.34 billion dirhams versus 16.85 billion dirhams in 2009, the statement said.
Higher oil prices and output of oil and gas helped TAQA, which is 75 percent by the Abu Dhabi government, report a sharp rise in third quarter profit.
The firm sold its stake in its Caribbean power assets in January for $320 million, partly to pay off debt. In December, TAQA secured a $3 billion revolving credit facility to be used to refinance an existing $3.15 billion facility.
The company was hit by a lawsuit in September, after its former chief executive sued IT in a U.S. court, alleging he was forced out for trying to stop "kickbacks, bribery, accounting fraud and corruption" at the energy firm.
But the company continues on its expansion plans.
In September, TAQA purchased mature North Sea oil assets in a move analysts said could increase its UK oil output by almost 20 percent.
One month earlier, the company said it was looking to raise its stake to 60 percent in a Dutch gas storage project being jointly developed with Russia's Gazprom.
Shares in TAQA fell 1.4 percent on the Abu Dhabi bourse as at 0607 GMT.
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