FINANCIAL NEWS

Dana Gas Q2 profits plunge to $9m

11 Aug 2010

(MENAFN) UAE-based Dana Gas announced that it has posted a net profit of $8.98 million in the second quarter, as its Egypt and Kurdistan operations delivered high output, Reuters reported.

Dana posted a net profit $107 million in the second quarter of 2009, mainly due to the sale of a 10 percent stake in Pearl Petroleum in Kurdistan.

The company’s second-quarter net profit excluded an unrealised loss of $58.21 for its investment in Hungary’s MOL oil and gas firm.

Dana’s Egypt operations produced 3.8 million barrels of oil equivalent (boe) during the quarter, a 19 percent increase compared to the same period last year, the statement said.

In the Kurdistan Region of Iraq, Dana Gas produced 1.06 million boe of gas and condensate during the quarter, an increase of about 88 percent over the same period in 2009, the statement said.

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