UAE’s Dana Gas logs losses in Q4 due to oil prices

05 Feb 2015

(MENAFN) UAE-based energy firm Dana Gas registered a fourth-quarter loss on Thursday that the company due to lower oil prices and a drop in the value of its oil and gas assets in Egypt, Emirates 24/7 reported.

The Sharjah-based company, which operates in Egypt, the UAE and Iraq’s Kurdistan region, made a net loss of USD4 million in the three months to December 31, down from a profit of USD34.83 million a year earlier.

Dana’s Chief Executive said that oil prices should recover, the company could reverse the USD22 million impairment charge booked in the fourth quarter relating to its Egyptian assets.

Dana’s 22014 net profit was USD124.38 million, down from USD155.41 million in 2013.

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