(Recasts, adds conference call details)
* Q3 loss 288 mln dirhams vs profit of 537 mln dirhams
* Results hit by lower prices, one-off items
* N.America capex to be cut by 30 pct in 2013 - CEO
ABU DHABI, Nov 14 (Reuters) - Abu Dhabi National Energy Co
(TAQA) will cut spending in North America by 30
percent in 2013 to weather a downturn in commodity prices, its
chief executive said after reporting a third-quarter loss.
TAQA, which is 75-percent owned by the Abu Dhabi government,
will cut 2013 capital expenditure in Canada and the United
States to $500 million from the planned $750 million, Carl
Sheldon said in a conference call on Wednesday.
While oil prices continued to soften, natural gas prices
were 40 percent lower in third quarter compared with the same
period last year, the company said.
Though its North American spend will be cut, overall capital
expenditure will remain unchanged at about $2.2 billion to $2.3
billion, Sheldon added.
The company swung to a third-quarter net loss of 288 million
dirhams ($78.4 million), against a profit of 537 million dirhams
a year ago, largely because of 2.73 billion dirhams in
construction costs related to the Jorf Lasfar power plant in
Morocco and a 272 million dirham charge to account for tax
increases in the UK.
"Our financial performance over the past quarter has been
impacted by a series of one-off items - both cash and non-cash,"
Chief Financial Officer Stephen Kersley said in a statement.
Revenue rose 43 percent to 8.83 billion dirhams during the
quarter, from 6.2 billion dirhams a year ago. Oil and gas
revenue fell to 2.56 billion dirhams from 2.74 billion dirhams,
while fuel revenue dropped to 952 million dirhams from 1.15
billion dirhams.
TAQA said that it will either sell non-core acreage or
increase production in core areas in North America to counter
the downturn in oil and gas prices.
The company, which also runs power plants in Morocco, Saudi
Arabia, Ghana and India, added that it plans to start oil and
gas operations in northern Africa.
On Monday TAQA mandated five banks for a dollar-denominated
bond that could be issued before the end of the year.
TAQA last tapped global debt markets in December last year
with a $1.5 billion two-tranche bond to refinance debt.
Separately, sources told Reuters on Monday that TAQA is in
advanced talks to buy a stake in an oil block in Iraqi Kurdistan
by taking a majority interest in General Exploration
Partners.
TAQA shares shares were trading flat on the Abu Dhabi bourse
at 0900 GMT but are up about 9 percent this year.
($1 = 3.673 UAE Dirhams)
(Reporting By Stanley Carvalho; Editing by Dinesh Nair and
David Goodman)