UAE’s Dana Gas posts USD9m in net loss over Q3

15 Nov 2015

(MENAFN) Emeriti Dana Gas has recorded a loss in income which totaled USD93 million throughout the three months to September, compared to 2014’s much higher USD174 million.

Additionally, the registered disappointing figures were basically attributed to the oil prices deterioration which was mainly driven by overproduction and weak demand.

Moreover, the firm’s gross loss has hit USD9 million through the mentioned period compared to a net profit of USD 38 million reported in last year’s third quarter.

“The market remains extremely tough on producers but Dana Gas continues to be resilient and our focus on managing our cost base is yielding positive results,” said the company’s CEO.

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