Abu Dhabi – Mubasher: Abu Dhabi National Energy Co (TAQA) on Thursday reported widening its losses in the fourth quarter of 2016.

The company suffered AED 17.09 billion ($4.66 billion) in losses in Q4-16, compared to AED 1.06 billion ($288 million) in the same period of 2015, according to a bourse filing.

Annually, the Abu Dhabi-based energy firm incurred AED 18.23 billion in losses in 2016 compared to AED 1.114 billion in losses in 2015.

“TAQA has completed its two-year Transformation Programme which delivered cumulative savings of AED 13.2 billion, including a capital expenditure reduction of AED 8.6 billion from 2014 to 2016,” the company stated.

“The successful delivery of the Transformation Programme has significantly reshaped the business, making TAQA a more efficient and focused organisation,” stated the company’s chairman Saeed Mubarak Al Hajeri.

The company with operations in 11 countries last reported a 45.3% rise in its losses in Q3-16 to AED 292 million ($79.5 million) from AED 201 million ($54.7 million) in the year-ago period.

While results for the first nine months of 2016 showed widening losses to AED 1.14 billion from AED 52 million in the corresponding period of 2015.