Dana Gas rebounds to $9m earnings in Q3

10 Nov 2010

(MENAFN) Dana Gas announced that it has returned to profit in the July-September period of the current year, posting earnings of $9 million, as opposed to a loss of $21.5 million during the corresponding period a year earlier, due to significant production growth, Gulf News reported.

The profits achieved exclude an unrealized gain of $67.8 million from the firm’s investment in Hungarian oil and gas company MOL, Dana�s partner in Iraq’s Kurdistan, which was booked directly to equity, the company said.

Dana Gas’ third quarter earnings came as a result of a 24 percent increase in production from its Egyptian operations, where 12 fields are now producing gas, including the Kurdistan region of Iraq, where production from the Khor Mor field continues to grow.

Revenue from the sale of hydrocarbons grew by 13 percent to $110.8 million during the July-September period of 2010, with gross profit rising 25 percent to $48.7 million, compared to the corresponding period in 2009, said Dana.

Profits before interest, tax, depreciation, amortization and exploration (EBITDAX) for the third quarter of the current year stood at $70.8 million, registering a 27 percent jump compared to the same period a year earlier.

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