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Dana Gas Q2 net profit jumps 70pc

Dubai, August 6, 2014

Dana Gas, the United Arab Emirates energy firm, said on Wednesday that its second-quarter net profit jumped 70 percent as production across the group rose.

Dana made a net profit of 169 million dirhams ($46.0 million), the company said in a bourse filing. This compares with 100 million dirhams in the year-earlier period.

Revenues for the second quarter were 685 million dirhams, up from 528 million dirhams.

Dana said its average overall production volume was up 17 percent to 72,200 barrels of oil equivalent per day in the second quarter.

The Sharjah-based energy firm has had problems recovering payment from exploration and production assets in Egypt and Iraq's region of Kurdistan because of political turmoil in those countries.

Dana reiterated that it had not received any significant payment from Kurdistan since July 2013 and was taking steps to ensure that payments resumed as soon as possible.  -Reuters




Tags: Dana Gas | Sharjah | Kurdistan |

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