Abu Dhabi National Energy Company (Taqa) has reduced its net loss in 2015 to AED1.8bn ($490m), down from a loss of AED3bn in 2014.

It reduced costs by AED5bn over 2015.

This included a 52 per cent cut in capital expenditure in 2015 to AED3.3bn. This will be cut another 42 per cent in 2016 to AED1.8bn.

Taqa also cut 25 per cent of its global workforce, allowing it to cut operational costs by 21 per cent.

Its revenues fell from AED27.3bn in 2014 to AED19.3bn in 2015, a 29.3 per cent drop caused by falling commodity prices. Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 33.8 per cent in 2015 to AED9.6bn.

Taqa also took a AED681m post-tax impairment.

The company also plans to divest non-core assets including stakes in Abu Dhabi-based Massar Solutions and the Lakefield wind power project in the United States.

Taqa’s oil and gas production fell 8.6 per cent to 145,300 barrels of oil a day equivalent. Its power and water business performed well.

The company refinanced a $3.1bn revolving credit facility in the third quarter, reducing financing costs.