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FINANCIAL NEWS
Dana Gas Q2 earnings down 85 percent on oil plunge
16 Aug 2015
(MENAFN) UAE’s Dana Gas announced logging a sharp drop of its earnings for the third consecutive quarter, dragged down by a continuous plunge in oil prices and lower production.
The energy company’s net profit stood at USD6.8 million in the April-June period, marking a decline of 85 percent from the same period a year ago, it said in a statement to Abu Dhabi’s bourse.
The figure was worse than a 73 percent drop registered in the first quarter, although the company stayed in the black in the second quarter. Dana Gas swung to losses in the fourth quarter of 2014.
Meanwhile, revenue dropped to USD115.68 million, down from USD186.45 million recorded a year earlier, attributed to a sharp decrease in hydrocarbon prices compared to a year ago.
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