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FINANCIAL NEWS
Sharjah’s Dana Gas net profits up 36 percent in Q3
12 Nov 2014
(MENAFN) Dana Gas announced it has registered a net profit of USD38 million during the July-September period of this year, an increase by 36 percent rise compared to USD28 million registered in net profit a year earlier last year, Gulf News reported.
The Sharjah-based energy firm attributed its increase in net profit despite the current drop in energy prices to higher production levels and lowering costs, with the firm producing an average of 40.500 barrels of oil per day during the third quarter of this year, compared to 39.350 a day in same period last year.
The company also said that it generated a saving of USD6 million through combination of a reduction of administrative and sales costs, as well as posting revenue of USD174 million, increasing 2 percent compared to USD170 million during the same period in 2013.
Dana Gas, which is recovering payments from both the Egyptian government and Kurdistan Regional government for its exploration and production assets, said that it has received USD71 million in cash, of which USD53 million was from Egypt.
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