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FINANCIAL NEWS
Abu Dhabi’s Dana Gas net profit falls by 50 percent
05 May 2016
(MENAFN) Abu Dhabi-listed energy Co. ‘Dana Gas’ posted a 50 percent fall in Q1 this year, which is blamed on lower hydrocarbon prices and reduced output in Egypt and Kurdistan.
Moreover, the firm made a net profit of USD 6mn in the cited quarter, compared with a profit of USD 12mn in 2015.
Dana’s Q1 revenue was USD 82mn, decline from USD 115mn, while lower hydrocarbon prices valued USD 28mn of the income drop.
The firm aims to slash its head office workforce by 40 percent and cut costs by half between 2015 and early 2016.
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