UAE- Dana Gas swings to profit in Q1

13 May 2010

(MENAFN) Dana Gas, the Middle East?s largest private sector natural gas company, said that it posted a $9 million net profit in the first quarter of this year compared to a loss of $8.7 million in the same period of 2009, Khaleej Times reported.

Revenue from the sale of hydrocarbons increased to $111.9 million, with gross profit reaching $44.1 million. These figures represent increases of 66 and 138 percent, respectively, compared to the same period last year.

Dana Gas? net profit after tax excludes an unrealized gain of $38.1 million in the quarter for the company?s investment in MOL, the Hungarian oil and gas company, which has been booked directly to equity in line with accounting policy, the statement said.

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